Macau Posts Big Visitation in CNY

The Chinese New Year started with a bang in Macau, which expects up to 1 million visitors before the holidays end on February 24. The hotel occupancy rate neared 100 percent last week.

Macau Posts Big Visitation in CNY

Visitation to Macau for Chinese New Year bodes well for the rest of 2024. Tourists flocked to the gaming mecca to celebrate the Year of the Dragon with a two-week celebration that began February 10 and will end on February 24.

As of February 14, the city had officially welcomed 877,000 tourists, putting the projected 1 million visitors well in sight. According to the Macao News, the hotel occupancy rate for the period was 97 percent.

Macau Business reported that more than 110,000 passengers traveled through the Macau International Airport from February 10 to 14. That represents a recovery rate of 76 percent of the pre-Covid level.

Bloomberg reported that gaming stocks soared on news of a report that Macau’s gaming revenue rose 67 percent in January year-on-year, beating analyst estimates.

“Macau is not only catering to big gamblers but also leisure travelers who hit the table casually,” said Angela Hanlee, senior gaming and hospitality analyst at Bloomberg. “Growing non-gaming entertainment events such as concerts are bringing more young new blood to the city.”

Citigroup reports that Mainland Chinese comprised 73 percent of total arrivals in Macau the first three days of the New Year holiday, compared to 68 percent in 2019. Hong Kong tourists made up most of the rest, at 21 percent of the total.