In Macau and casino operator MGM China Holdings Limited has reportedly announced that it expects its pair of local properties to be at near full capacity for the upcoming Labour Day public holiday.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm made the forecast for the first five days of next month as part of a presentation on its first-quarter financial results while simultaneously declaring that demand from premium-mass and VIP casino players ‘remains strong.’
A subsidiary of American casino giant MGM Resorts International, MGM China Holdings Limited is responsible for Macau’s MGM Cotai and MGM Macau venues and reportedly also revealed that room bookings for the coming Labour Day period had already exceeded those seen for the Chinese New Year holiday in February and last October’s ‘Golden Week’ celebrations.
Hubert Wang serves as President and Chief Operating Officer for MGM China Holdings Limited and he reportedly declared that his firm is anticipating ‘reaching almost full occupancy’ for the five-day public holiday that begins from May 1. He purportedly moreover stated that this state of affairs is ‘similar’ to what the operator experienced for the same holiday period in 2019 with many of its suite and villa offerings ‘already overbooked.’
Wang reportedly pronounced…
“Looking forward, the momentum actually started in March with the market starting to pick up and in the coming months with the vaccine rate rising and e-visa application process coming back, these will be the contributors to the further recovery.”
The source reported that fellow Macau casino operator Melco Resorts and Entertainment Limited used its own investor briefing to offer a similar view on the upcoming holiday, which is due to begin exactly a month after casinos in the former Portuguese enclave did away with a provision that had required gamblers to present a negative test for coronavirus.
David Sisk, Chief Operating Officer for Nasdaq-listed Melco Resorts and Entertainment Limited, reportedly disclosed that his company is ‘still a little behind’ in comparison to where it was last year but that March business has been ‘very strong’. The executive purportedly furthermore went on to proclaim that this month had ‘started off a little bit slowly’ although the situation has ‘really picked up quite a bit over the last couple of weeks.’
Reportedly read a statement from Sisk…
“We think that’s a strong indicator as we head into the May Labour Day holiday and as we look out towards the rest of the year, I think we are fairly confident that the market is starting to recovery, particularly on the mass side. Hopefully by the end of the fourth quarter we will be back to where we were in 2019.”