Zona de Azar China – February GGR Surges to US$2.3 Billion Fueled by Lunar New Year Golden Week

China.- March 4 2024 www.zonadeazar.com Macau experienced a significant boost in gross gaming revenue (GGR) in February 2024, reaching MOP$18.5 billion (US$2.3 billion) thanks to the bustling activity during the Chinese New Year Golden Week.

The Lunar New Year Golden Week saw 1.36 million visitor arrivals, averaging 169,725 visitors daily, with an impressive hotel occupancy rate of 95.2%. The substantial influx of visitors played a pivotal role in propelling the GGR to a remarkable 79% year-on-year increase, making it the fourth-highest monthly total since January 2020 when GGR reached MOP$22.1 billion (approximately US$2.8 billion).

Despite this surge, February 2024’s GGR was still 27.1% below the figures recorded in February 2019, which stood at MOP$25.4 billion (US$3.2 billion).

The entire year of 2023 contributed to a cumulative GGR of MOP$183 billion (US$22.3 billion), triggering an automatic 20% increase in the contracted investment for non-gaming initiatives by Macau’s six casino concessionaires from 2024 onward.

For the initial two months of 2024, the GGR totaled MOP$37.8 billion (US$4.7 billion), projecting an annual run rate of MOP$227 billion (US$28.4 billion), excluding seasonal factors.

JP Morgan’s investment bank estimates that the average daily gross gaming revenue during the eight-day Chinese New Year Golden Week likely reached a four-year high of approximately MOP$1 billion (US$124 million).

Edited by: @MaiaDigital www.zonadeazar.com