Macau Casinos boosted by Chinese New Year festivities

3 February 2006

Macau, China, 03 Feb – Gross revenue at Macau’s casinos increased 57 percent in the first three days of the Chinese New Year as compared with the same three days a year ago, officials said.

Statistics on the sector published by Portuguese news agency Lusa showed that between January 29, the first day of the lunar new year, and January 31, gross revenue totaled 242 million patacas (US$30.25 million), against 154.2 million patacas (US$19.275 million) recorded between February 9 and 11 last year, the first three days of the last lunar year.

Despite the strong increase in gross revenue, on which the local government charges a direct tax of 35 percent and indirect taxes of a further 4 percent, the sector is forecasting an even larger increase in revenue this year, as, traditionally, the first three days of the lunar new year are the weakest of the year in terms of casino revenues.

In 2005, during the first seven days of the lunar new year, casino gross revenues totaled 890.2 million patacas (US$111.275 million), a figure which is expected to be widely surpassed this year.

In the first four days of the lunar new year Macau welcomed 354,319 visitors, 49.4 percent of whom traveled from mainland China. (macauhub)