Daily Asia Gaming eBrief: Macau sees massive tourist influx over CNY

Wednesday 14th of February 2024

Good Morning. The floodgates officially opened over the Chinese New Year holiday, at least for Macau, as visitors flocked in, packing out streets and hotels and giving a heady boost to February's gross gaming revenue. Meanwhile, in the Philippines, PAGCOR's Chairman says the country is open for business, with encouraging results in the online space a good sign for potential investors. In other financials, MGM China beat out even the highest estimates with its 4Q23 results, surpassing even pre-pandemic levels.

What you need to know

Macau's CNY saw nearly 900,000 visitors in five days, surpassing expectations. The boost should positively impact February's GGR.
PAGCOR's Chairman encourages new investors amid strong results for 2023, with online gaming figures up over 90 percent.
MGM China results for the fourth quarter beat the highest expectations and surpassed even 2019 pre-pandemic levels: brokerages.

On the radar

POGOs face scrutiny in the Philippines House of Representatives.
LET Group and Summit Ascent trading suspended on the Hong Kong Exchange.
MGM China's 2023 adjusted EBITDA reached a historical high of $921M.
PAGCOR to appeal against pay rule cuts to employee benefits.
GAN shareholders approve sale to Sega Sammy.
Cambodia PM orders nationwide inspection of gambling venues.

AGB Intelligence

CHINESE NEW YEAR

Macau flooded with visitors, boost to February GGR

The Chinese New Year holiday period in Macau surpassed even the government's expectations, as visitors flooded the city, reaching nearly 900,000. Hotels saw a particularly strong boost, as occupancy reached 97 percent. The tide of visitors is expected to push February gross gaming revenue to around $2.4 billion and bodes well for the rest of the year.

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