There have been less hotel room bookings for the three-day Labor Day weekend in Macau this year, the Hong Kong Economic Journal reported Monday.
So far only five of the 18 resorts and hotels managed by Macau’s top six casino groups have been fully booked for May 1-3, compared with 13 during the same period last year, the newspaper said, citing its own survey.
The Travel Industry Council of Macau forecasts a 7 percent fall in room rates for the Labor Day weekend. Hotel operators are not likely to raise prices during the holiday, council president Wu Keng-kuong said.
Securities analysts with UBS AG and CIMB Group said demand for hotel rooms in Macau has been decreasing amid a decline in the purchasing power of mainland tourists.
The city’s gaming revenue in May may slide 35 percent year on year to 21 billion patacas as the central government pursues its campaign against corruption and extravagant lifestyles, the report said.
However, Angela Leong On-kei, chief executive of SJM Holdings Ltd. (00880.HK), voiced optimism that the current stock market rally would underpin the local economy and improve the gaming industry’s outlook.
Translation by Vey Wong
– Contact us at [email protected]