Holiday rush boosts Macau casino takings

Reuters and staff reporter

Casino revenues in Macau, the world's biggest gambling hub, surged 366 percent from a year ago to a total of 15.6 billion patacas (HK$15.14 billion) in May, the highest since January 2020, when the Covid-19 pandemic had still to fully grip China.

The monthly take was bolstered by a five-day national holiday that saw hundreds of thousands of visitors flock to the special administrative region, which is the only place in China where citizens can legally gamble in casinos.

China lifted strict Covid restrictions in January, allowing visitors to swarm into Macau for the first time in more than three years.

About 500,000 people visited Macau during the five-day Labour Day holiday at the start of May, crowding onto its pastel-coloured streets surrounding historical sights such as Senado Square and the Ruins of St Paul's and packing its glitzy casinos.

Authorities are keen to diversify sources of income in Macau, which depends on casinos for more than 80 percent of its government revenues, and have imposed strict new regulations on its six casino operators.

The rush of visitors comes as the densely populated territory grapples with an acute labour shortage, a key concern for casino operators Sands China (1928), Wynn Macau (1128), MGM China (2282), SJM (0880), Galaxy Entertainment (0027) and Melco International Development (0200).

Sands last week opened its Londoner Macao casino resort, which includes a 6,000-seat arena and attractions like a replica of London's Big Ben clock tower.

But the share performance of the six casino operators was mixed yesterday. MGM China led with a 3.48 percent jump, while SJM lost 2.52 percent, the worst of the six.