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The Macau Gaming Inspection and Coordination Bureau reported on Wednesday that gross gaming revenue in the gambling region rose 400% year-over-year in October to $19.5B patacas ($2.42B) to top the consensus expectation for a gain of 392%. The monthly gross gaming revenue mark was also 30.6% higher from the level seen in September and the strongest since the very start of the pandemic. October GGR was 74% of the pre-pandemic level seen in 2019.
The strong monthly GGR tally was tied to robust traffic levels during the eight-day Golden Week holiday in early October, as well as a busier schedule of music and entertainment events during the monhth.
For the first ten months of 2023, Macau gross gaming revenue was up 316% year-over-year to $148.5B patacas. The return of live performances and industry conferences has boosted traffic in Macau over the last few months and the Macau hotel occupancy rate continues to improve.
Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) rose 2.84% in premarket trading. Wynn Resorts (NASDAQ:WYNN) gained 0.44%, while Las Vegas Sands (NYSE:LVS) dipped 0.10%.
Macau casino stocks: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY), Wynn Resorts (WYNN), Sands China (OTCPK:SCHYY, OTCPK:SCHYF), Las Vegas Sands (LVS), MGM China (OTCPK:MCHVF, OTCPK:MCHVY). MGM Resorts (MGM), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF, OTCPK:SJMHY), Melco Resorts & Entertainment (MLCO), Studio City International (MSC).
