Macau’s gaming revenue jumped 24% in January, beating analyst expectations as casinos offered perks like free concert tickets to attract high-spending visitors, according to Bloomberg.
Gross gaming revenue hit 22.6 billion patacas (US$2.8 billion), data from the Gaming Inspection and Coordination Bureau showed on Sunday. That exceeded the median forecast of an 18.5% year-on-year rise and brought the industry back to 91% of pre-pandemic 2019 levels.
Premium gamblers boosted their wagers by 25% year-on-year, a Citigroup survey found, helped by promotions including complimentary tickets to Blackpink’s Hong Kong concerts and a tie-up with Pop Mart’s Twinkle Twinkle brand.
Visitor numbers also rose. December saw 3.58 million arrivals, 16% higher than pre-pandemic levels, with January figures due later this month. Non-gaming attractions are drawing more mass-market visitors, but the cost of major events is cutting into profits.
Sands China Ltd., the Macau unit of Las Vegas Sands Corp., posted its lowest profit margin since Covid in the fourth quarter, citing higher operating costs to compete for mass-market customers.
The market response was mixed. The Bloomberg Intelligence index of Macau casino operators fell 6.1% in January, while the Hang Seng Index rose 6.9%.
