October golden week hotel bookings ‘look strong’ – CLSA
Friday 06 de September 2024 / 12:00
⏱ 1 min read
(Macau).- Macau hotel room rates are expected to average US$499 (MOP4,001) per night this Golden Week, with 80 per cent of hotels are fully booked, as per investment group CLSA.
In a recent report, analysts Jeffrey Kiang and Leo Pan noted that upcoming bookings for the October Golden Week appear robust.
“80% of hotels we track are fully booked, while 80% of remaining available hotels raised room prices this week,” they wrote.
Galaxy and MGM China properties appear to be the most popular, with six out of eight of the former and both MGM properties “fully booked every week” through the second quarter of next year.
“Looking slightly further to October’s Golden Week (GW), our proprietary data suggest hotel booking has not trended down – 28 out of 34 hotels we track are fully booked on the weekend of 5th October,” the analyst wrote.
Despite a widely reported industry crackdown on money changers that surfaced early this summer, August saw a month-over-month growth of six per cent in gross gaming revenue (GGR) to MOP19.8 billion.
The analysts believe that the crackdown should have “stabilised”, citing Galaxy’s management’s second-quarter commentary that “business momentum has been intact in 3Q24 thus far”.
Looking ahead, Kiang and Pan have revised their GGR forecast for 2024 and 2025 downward by 2 per cent to US$28.4 billion (MOP227.7 billion) and US$29.6 billion respectively.
Categoría:Gaming
Tags: Sin tags
País: Macao
Región: Asia
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