Shanghai, China, Nov 1 (EFE).- Boosted by a surge in Chinese tourism, Macao casinos reported their highest monthly revenue since January 2020, reaching 20.787 billion patacas ($2.6 billion) in October, according to official data released on Friday.
This figure reflects a 6.6 percent increase over October last year and a 20.48 percent rise from the previous month. So far this year, Macao’s casino revenues have shown a year-on-year growth of 28.1 percent.
During China’s ‘Golden Week’ in early October, a major national holiday period, tourist arrivals to the former Portuguese colony averaged nearly 142,000 daily, even surpassing 2019 pre-pandemic levels.
However, October’s revenue remains 21.39 percent lower than the same month in 2019, according to data from Macao’s Gaming Inspection and Coordination Bureau.
As the only place in China where gambling is legal, Macao is often called the “Las Vegas of Asia.”
Yet, successive city administrations have aimed to lessen the region’s economic dependence on the gaming sector, which once contributed nearly two-thirds of Macao’s GDP.
Pre-pandemic data shows that over half of Macao’s economy stemmed from gambling-related businesses, which were also the city’s main employers.
In 2019, Macao’s casinos generated approximately $36 billion, three times Nevada’s $12 billion in gaming revenue, mainly from Las Vegas.
This reliance has, however, posed significant economic risks. COVID-19 restrictions sharply reduced visitor numbers, from nearly 40 million in 2019 to about 5.7 million in 2022, leading to steep economic contractions.
On October 13, former judge Sam Hou Fai was elected Macao’s new Chief Executive in an uncontested election. Set to assume office on December 20, he has pledged to diversify Macao’s economy beyond the gaming sector. EFE
vec-ssk
0
20
20
