Macau tops estimates as Golden Week begins
Despite extreme weather conditions in August, Macau’s casino revenue was higher than expected last month – a strong indicator of its health as we kick off the Golden Week holidays. Macau’s Gaming Inspection and Coordination bureau said that gross gaming receipts rose by 16% to $2.7 billion in September, making it the 14th consecutive month of expansion. In August, gaming revenue rose by 20% against the same month in 2016.
This is great news as we enter Golden Week, which officially began on Sunday. Chinese National Day Golden Week (not to be confused with other “golden weeks” popular in China and Japan) runs 7 days from October 1. It sees pre-arranged holidays and weekends fall into place so that consumers get 7 straight days off work, and is a major boost to travel and gaming. And this year could be a big one.
With the Chinese economy continuing its expansion, and the luxury sector returning to form, Wynn Macau Ltd. has said that it expects a “very strong Golden Week” – both its resorts are fully booked for the period – and there is a widespread belief that revenue from this year’s 7-day stretch could exceed last year’s.
Macau’s Tourism Office estimates that inbound tourism will increase 5% against last year, which saw 1.2 million visitors. Most of those visitors – about 970,000 – were Chinese. According to Bloomberg estimates, more than 2 million Chinese visited the region in both July and August, and this bolsters the possibility that Golden Week will be similarly popular.
Dominion holds Las Vegas Sands in its Global Trends Luxury Fund.
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