Due to the health crisis, Macau’s casinos were forced to close their doors for only two weeks last February. However, since the former Portuguese colony is barely able to accommodate tourists during the international Covid-19 coronavirus pandemic, the establishments remain desperately empty, resulting in huge financial losses.
Operators are therefore expecting a mass return of visitors, which should occur during the annual Golden Week holidays which begin on October 1st.
Macau: a destination of choice for Golden Week
Since 2000, Chinese authorities have implemented several holiday periods called Golden Weeks to boost domestic tourism. One of these begins on the Chinese National Day, which falls on October 1st and ends on October 8th. It allows millions of Chinese to travel. It is also one of the largest periods of human migration, with nearly a billion people going on vacation during this time.
It appears that an international health crisis will not prevent these annual holidays from taking place in 2020, as they have indeed been maintained by the Chinese authorities.
Macau usually stands out as a prime destination for this Golden Week. Indeed, it’s the only region in the country where casinos are permitted. Despite Covid-19 fears, it looks like Chinese people will continue to flock to this former Portuguese colony this year.
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A dramatic drop in tourism that should stop with the return of IVS visas
Between January and August 2020, gross gaming revenue from Macau’s casinos fell by a whopping 81.6%. The six licensed operators earned just $4.5 billion. This underperformance was due to the drop in visitors, as 86% fewer tourists came to Macau between January and July 2020, compared to the same period last year.
While the exact figures for last August are not yet known, as they will only be published in a few days, they can still be expected to reveal a slight increase in visitors. Indeed, it was last month that entry restrictions to Macau were eased with the return to the issuance of IVS visas in the provinces of Guangdong and Zhuhai, allowing Chinese visitors to enter the former Portuguese colony.
More than 80% of rooms already booked and 5 hotels fully booked
The easing of entry restrictions in Macau is expected to lead to an increase in visitors in August. However, it is September and October that will see a significant increase in tourists.
Moreover, the occupancy rate of Macau’s 5-star hotels is expected to be quite excellent for the Golden Week period. Indeed, more than 80% of rooms and suites are already booked, and no fewer than 5 hotels are fully booked: Four Seasons, Morpheus, Ritz-Carlton, StarWorld, and Studio City. All are located on the famous Cotai Strip.
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