2022 CNY boasts “one of the best” gaming results since Covid-19 – Wynn Macau

The gaming performance during the Chinese New Year (CNY) holiday period this year was “one of the best results” since the start of the Covid-19 pandemic more than two years ago, said Linda Chen, vice-chairman and chief operating officer of Wynn Macau Ltd.

Speaking with local media on the sidelines of a public event today (Wednesday), the executive of the Macau gaming operator stated: “The occupancy rate of our hotels was also almost full in this [CNY] holiday… reaching 99 per cent or above.”

“The overall performance [of CNY] has matched our expectations,” Ms. Chen added.

According to the Macau Government Tourism Office (MGTO), the city received 113,699 travellers in the CNY break this year — between 31 January and 6 February — rising 25.4 per cent from the same period a year ago.

The daily visitation tally in the seven-day holiday period averaged about 16,242, which was, however, lower than the government’s forecast of about 20,000 visitors a day due to the sporadic Covid-19 cases reported in nearby Guangdong province before the CNY. The overall visitation volume of CNY 2022 also only just represented about 10 per cent of the pre-pandemic volume.

Brokerage Sanford C. Bernstein has said in a research note earlier this week that the performance of the city’s casinos in the CNY holiday was “better than expected”, raking in an average of MOP333 million (US$41.6 million) a day that was 60 per cent higher than the same festive period in 2021.

“[Casinos] place greater emphasis in the mass market,” Ms. Chen said today. “More and more activities [held in Macau] and festivals will help facilitate the healthy development of the Macau industry.”

The Wynn Macau vice-chairman also briefly talked about the bill of the amendments to the gaming law, which was approved by the Legislative Assembly in the first reading in late January and is now under review and discussion of the sub-committee of the legislature.

Acknowledging local gaming operators would “actively cooperate” with the authorities in regards to the gaming law revision, Ms. Chen added Wynn Macau is “very confident” about the upcoming public tender process.

The licenses of the city’s six gaming operators will expire by this June, and the government has said the existing licenses will be extended for “a short time period” if the gaming law revision and a new round of public tender could not be completed on time.