Macau casinos are slashing the room rates at their hotels and resorts by 20-30 percent to cope with fiercer competition in the upcoming Labor Day long weekend amid an increased supply of rooms in the market.
The city’s six licensed casino operators have established a total of five more hotels since last year, providing more than 3,500 additional rooms, the Hong Kong Economic Journal reported Monday.
Sands China Ltd. (01928.HK), with the most number of rooms, is expecting business to be no better than during the recent Lunar New Year holidays, president and chief operating officer Wong Ying-wai said.
Only five out of 23 major hotels and resorts run by the casino operators are fully booked, an HKEJ survey shows.
Wong said the mass gambling table areas will likely have more visitors even though some hotels’ occupancy rates are not overwhelming.
Union Gaming Research Macau analyst Grant Govertsen forecast the city’s gaming revenue in May to fall 11 percent from a year ago to 18.1 billion patacas (US$2.27 billion).
[Chinese version 中文版]
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