Macau's GDP Reaches 80% of Pre-Pandemic Level in 2023, While Horse Racing Faces Termination
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Deleveraging "will take time" for some of the Macau casino operators, despite the improvements in the sector's business outlook, according to Fitch Ratings Inc. Fitch expects Macau's gaming industry to improve in 2024, with a steady recovery in inbound tourism. The recent influx of tourists is likely to boost casinos' gross gaming revenue (GGR), with the mass-market segment already registering revenues in Q4 2023 that exceeded 2019 levels by 4 percent. However, the VIP segment is on a slower path to recovery and is unlikely to return to pre-pandemic revenue levels in the near future .
Overall visitor arrivals to Macau during the eight-day Chinese New Year festivities reached almost 1.36 million. The average hotel occupancy rate for the period stood at 95.2 percent. The Macau casino market...
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