Macau's May casino revenue soars 366% year on year on visitor influx (updated)

Sands China

01/06/2023 06:21

(Adds details throughout)
       HONG KONG, June 1 (Reuters) - Casino revenues in Macau,
the world's biggest gambling hub, surged 366% from a year ago to
total 15.6 billion patacas ($1.93 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 Chinese administrative region, which is the only place
in China where citizens can legally gamble in casinos. 
        China lifted strict COVID-19 restrictions in January,
allowing visitors to swarm into Macau for the first time in more
than three years.
    Around 500,000 people visited the former Portugues colony 
during the five day Labour Day holiday at the start of May,
crowding onto its pastel coloured streets surrounding historical
sights 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% 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.HK , Wynn Macau  1128.HK , MGM China
 2282.HK , SJM Holdings  0880.HK , Galaxy Entertainment
 0027.HK  and Melco Resorts  MPEL.O .
    Sands last week officially opened its "Londoner" casino
resort which includes a 6,000 seat arena and attractions like a
replica of London's Big Ben clock tower.     
    It was the first big casino opening since the COVID pandemic
and was attended by former England football captain David
Beckham who drew scores of fans to the property.

    ($1 = 8.0840 patacas)

 (Reporting by Farah Master; Editing by Tom Hogue & Simon
Cameron-Moore)
 ((farah.master@thomsonreuters.com; +852 3462 7709;))