Lisa Cheban | 1 February, 2023 14:19 | Last update on: 1 February, 2023 14:19
The casinos in Macau are back in action thanks to the reopening of mainland China and after the COVID-19 rules were lifted. The casinos in Macau had in January 82.5% more revenues compared to January last year. Which is good news for the Australian tourists wanting to visit Macau any time soon to have a little gamble at one of the many casinos of Macau.
82.5% increase in revenues in January 2023 means that the Macau casino could report 1.4 billion dollars in revenues. These revenues partly had to do with the Chinese Lunar New Year holiday. Which attracts a lot of visitors from mainland China and abroad to the Macau peninsula. Even though this years’ Lunar holidays were the biggest in three years. It could not match the revenues of the last pre-COVID year 2019. The 1.4 billion in revenues is still less than half of the revenues in January 2019.
However, investors are still happy about last month’s results. Stock prices of the casinos such as the Venetian, Wynn and Galaxy went up between 3 to 5 percent. This good news was highly needed by the casinos shareholders after three years of difficult times.
Macau is still a special economic region in China and the only place where it is allowed to gamble in all of China. In all other parts of China is it not allowed to gamble. This makes it highly interesting for big American casinos to operate in Macau. However, the contracts of having a casino license is very expensive and after the last three years several casinos thought about pulling back from Macau. Mostly because these casino licenses need to be renewed anytime soon. If any of these casinos are pulling back will have to be proven in the coming period.