Macau's casino hotspot reportedly had a good Chinese New Year with seven-day total gaming sales of around $289.8 million 'above expectations'.
Global investment research firm Sanford C Bernstein Limited's valuation after this enclave's average daily total gaming revenue hit $41.4 million in the first week of February, according to a report from Inside Asian Gaming. Sources provided details that the figure was up 28% year-on-year and up 63% year-on-year.
Macau is home to some of the world's largest and most prestigious casinos, including SJM Holdings Limited' iconic Casino Grand Lisboa venue and Melco Resort & Entertainment Limited's 1,600-room Studio City Macau development. However, the former Portuguese residence reportedly saw average daily total gaming revenue of approximately $33.12 million in the first nine days , down more than 9% month-on-month.
However, Sanford C Bernstein Limited analyst Vitali Umanski reportedly said the situation improved due to strong public market size and higher VIP holdings during the Chinese Lunar New Year week, even though it was down about 63% from the same period , before the pandemic. The expert also reportedly explained that these recent improvements were more impressive despite persistent travel disabilities following the coronavirus outbreak in Hong Kong and the mainland Chinese city of Zhuhai.
Macau reported total gaming revenue of about $790.2 million in January, down 20.9% year-on-year, but is now reported to be earning about $249 million in the first week of February alone. This latest performance is reportedly the result of a 50% to 55% increase in the city's public market casino business and a more than 75% increase in central VIP holdings.
Nevertheless, Amanda Cheng, Libby Liu, and DS Kim of the U.S. investment bank JPMorgan Chase & Company reportedly said that given the "strong recovery of the premium mass segment" and ample room availability at "cheap rates," average spending by tourists visiting Macau during the Chinese Lunar New Year holiday may have increased sixfold due to longer hours.
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