The economic recovery process continues in Macau. New reports have been provided for April totals, showing the region earned a gross gaming revenue of MOP$8.4 billion in April. This is equal to $1.05 billion in USD. This was a 1.1% increase when compared to March earnings. The Gaming Inspection and Coordination Bureau provided the details on May 1.
Details of the Growth
The gross gaming revenue total for April was an increase month on month, but still lower than the pre-pandemic totals in April 2019. For the region, the April earnings were the highest seen since January of last year. The increase is a significant indication that the recovery process is well on its way.
So far in 2021, Macau has earned MOP$32.0 billion ($4.0 billion) in gross gaming revenues. When compared to 2020, this is a 2.6% increase. The increase in revenues comes shortly after the tourist numbers were provided by the local Tourism Office. April 16 saw the region have its highest single daily visitor total in 15 months. Just over 34,000 people traveled to Macau that day.
The visitor total increase breaks the previous high total from March 26, of 32,647. The visitor totals seem to be trending upwards, which is a good sign that visitors are starting to travel more, and Macau is a top destination once again. The hope is that the numbers continue to increase as the year moves forward.
Labour Day Surge Expected
In late April, the Deputy Director for the Macao Government Tourism Office reported that it is expected that Labour Day will see an increase in tourists. Cheng Wai Tong said that the latest booking information in Macau showed that its many hotels are seeing an uptick in reservations.
It is expected that the outcome from May 1 will be the best results for Macau since the pandemic began. In speaking about tourism numbers, Cheng said that daily visitor volumes for the Labour Day time frame should increase past the higher totals from April, pushing past the 34,000 mark.
Digital Currency Introduction
While tourism levels climb, the government of China is busy with a trial involving digital yuan currency. Financial rules will change to allow the blockchain-powered currency to be used at the Macau casinos. The People’s Bank of China will control the currency, which will allow the government to trace where the currency goes.
Officials feel that the digital currency will ease the customer experience and allow properties to cut down on costs associated with changing native cash into Hong Kong dollars.