During the five-day Golden Week holiday spanning from May 1 to May 5, 2024, Macau experienced a significant revenue surge. Reports indicate that gaming operators raked in an estimated gross gaming revenue of approximately MOP$4.55 billion, equivalent to an impressive US$565 million per day throughout the festivities.

High-profile players:

The analysts from JP Morgan predicted that the revenue would go up to MOP$850 million (US$106 million) every day; however, it was greatly surpassed. 

The investment bank identified several factors contributing to this surge. Firstly, they attributed it to the quality of players who visited the island, noting that while the total number of visitors may not have been exceptionally high, the quality of those who did visit was notable. If the report is accurate, the number of visitors increased by 5-10%, surpassing recent recovery trends by 5%.

In total, 604,385 tourists visited the city during May Golden Week, below initial expectations. This averaged out to approximately 120,879 visitors per day.

DS Kim, Mufan Shi, and Selina Li, the analysts on the case, stated that the mass GGR was 120% of the pre-COVID levels. However, VIP GGR decreased by 30%. 

The analysts warned about the extrapolation of the Golden Week during the rest of May.

At the same time, it is estimated that Wynn Macau Ltd and SJM Resorts SA would achieve a double-digit EBITDA growth once the results from the first quarter of the year are published. On the other hand, Galaxy Entertainment Group would see a sequential pull-back.

According to Inside Asian Gaming, the analysts commented: “This divergence here happens as the industry’s recovery stabilizes after a year of a ‘re-opening rally’, in turn making idiosyncratic factors (market shares, opex control, promotions) the key earnings driver, in our view. We expect diverging earnings revision trends into and post-1Q results, which should create alpha opportunity within the sector.”

Player of the month:

During the whole event, one player stood out, and it was a visitor from South Korea, Citibank reported according to Inside Asian Gaming. This is the first time in history that the player of the month wasn’t a Chinese citizen.

This is a good sign when it comes to diversifying the customer base, particularly high-end customers. The top three players at the event were at the same table at Galaxy’s Horizon Room, and each one of them placed bets worth between HK$250,000 and HK$399,000 (US$31,980 and US$51,040)

During the Golden Week, Macau welcomed 37 high-stakes players, often referred to as “whales,” who placed bets of at least HK$100,000 per hand. This marked a slight decrease from the 41 whales recorded during the Chinese New Year festivities in February.