Macau gaming revenue beats estimates in sign slowdown is easing

Macau’s gaming revenue rose 6.8 percent in February, exceeding analyst expectations, in a tentative sign that a slowdown that’s dragged on the world’s biggest gambling hub is starting to ease.

Gross gaming revenue reached 19.74 billion patacas (HK$19.5 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau. That compares with the median analyst estimate of a 0.8 percent year-on-year increase, and is still below the pre-pandemic level in 2019.

While February’s gaming revenue was helped by the tail-end of China’s Lunar New Year holiday, known as “Golden Week,” the outlook remains fragile.

The city reported about 1.3 million visitor arrivals during the eight-day Lunar New Year break, down 3.5 percent from the same period last year. For the month of January, visitation reached 3.6 million, exceeding the 2019 level by 6 percent. The city will release data for February later this month.

The Bloomberg Intelligence index of Macau casino operators was down 3.9 percent in February, while the benchmark Hang Seng Index rose 13.4 percent.

BLOOMBERG