Macau’s gaming revenues reached 10.32 billion patacas (1.2 billion euros) in February, 33.1% more than in the same month last year, announced the authorities.

The revenues collected by casinos still represent a drop of 10.8 percent compared to last yearJanuary’s, according to official data from the Gaming Inspection and Coordination Bureau (DICJ).

The gaming industry recorded revenues of 11.58 billion patacas (1.35 billion euros) in January, a month that includes the Lunar New Year period, the main celebration of Chinese families, the highest figure since the beginning of the pandemic.

Last month’s figure is, however, 50.3% lower than that reached in February 2019 – 25.37 billion patacas (€2.96 billion) – before the pandemic began.

Macau, which like mainland China was following a ‘zero covid’ policy, announced in December the cancellation of most prevention and containment measures after nearly three years of the stringent restrictions.

With the easing of the measures, the city registered more than one million visitors in January, an increase of 101.3% year-on-year, and the hotel occupancy rate was 71.2%, the highest since the beginning of the pandemic.

The gaming industry, which accounted for 53.5% of Macau’s gross domestic product (GDP) in 2019, would still provide work for nearly 68,000 people by the end of 2022, or about 18.8% of the employed population.

Concessionaires in Macau have accumulated unprecedented losses since 2020, and the government has been forced to draw on the extraordinary reserve to respond to the crisis, as about 80% of government revenue came from gambling taxes.

On January 26, Sands China CEO Robert G. Goldstein revealed that the gaming operator in Macau posted profits over the Lunar New Year period.

Source: dinheirovivo