Feb’s Macau GGR: MOP$18.5bn thanks to CNY Golden Week

Feb’s Macau GGR: MOP$18.5bn thanks to CNY Golden Week

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Feb’s Macau GGR: MOP$18.5bn thanks to CNY Golden Week

Driven by the Golden Week of the Lunar New Year, Macau’s GGR in February of this year was MOP 18.5bn dollars, or about US 2.3bn dollars.

During the Chinese New Year Golden Week of 2024, Macau saw 1.36 million tourist visits; on average, hotels had 95.2 percent occupancy levels and 169.725 guests every day. The large influx of visitors also increased gambling revenue.

In connection with this, GGR increased by nearly eighty percent in February compared to the same month last year, totaling MOP 18.5bn dollars, or almost US 2.3bn dollars. In January 2020, GGR reached MOP 22.1bn dollars, or US 2.8bn dollars, according the Gaming Control and Adjustment Bureau. This month’s GGR is the fourth largest since that year.

However, last month’s revenue was apparently still 27.1 percent less than the MOP 25.4bn dollars, or about US 3.2bn dollars, that was brought in during February of 2019. Additionally, GGR for the initial two months was MOP 37.8bn dollars, or nearly US 4.7bn dollars, indicating a seasonal-adjusted run rate for the whole year of MOP 227bn dollars, or US 28.4bn dollars.

Moreover, investment banking firm JP Morgan said during the Lunar New Year Golden Week that the average daily GGR most likely surpassed a four-year high of over MOP 1bln, or nearly US 124m, as reported by Inside Asian Gaming. For the entire previous year, GGR was able to attain MOP 183 billion dollars, or almost US 22.3 billion. This led to a twenty percent contractual commitment from the suppliers of six Macau gaming venues to increase their non-gambling programs automatically moving ahead.

Macau Assembly Debates Stricter Penalties for Illegal Gambling

In other events, the Legislative Assembly of Macau recently discussed amending a legislation pertaining to illegal gaming in the area. Reportedly, the plan calls for harsher penalties for violators, including as extended jail terms, deportation, or barring them from going to Macau. The Executive’s suggested plan increases the maximum term for illegal gambling from three to eight years and proposes additional penalties. In order to allow for harsher punishments in the event that money-lending enterprises are used to fund illegal gambling, the examination additionally examines money-lending transactions. The aforementioned idea aligns with the government’s stated goal of increasing pretrial detentions while reducing engagement in them.

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