The final numbers are in for how the Chinese New Year (CNY) holiday period treated Macau and they’re not too impressive.
Despite increased travel options as certain COVID-19 restrictions were eliminated and lower prices at the city’s hotels, average occupancy rates were substantially lower than they were last year.
Given that last year also saw a year-on-year decline, Macau is going to have more difficulty launching a major recovery in 2021.
Last year, visitation to Macau during the CNY period was as much as 60% less than it was in 2019 and some hotels were scrambling for guests.
CNY of 2020 was celebrated from January 24-30, just ahead of the major global threat by the coronavirus. This year, the average hotel occupancy rate dipped 4.6% lower to just an average of 48.3%, with total visitation during the CNY period, which ran from February 11-17, at only 90,615. That was down by 65.3% from last year’s already-suppressed activity.
Macau’s five-star accommodations managed to see average occupancy rates of around 50.6%, 4.7% lower than last year, while four-star properties moved upward. These saw an average occupancy rate of 49.8%, which was an improvement of 1.5% over last year’s results.
The difference in performance between the two tiers could be attributed to cost, with five-star properties having reduced their rates by an average of 38.7%, with an average nightly rate of $180.60. However, four-star properties cut their rates by 50% to an average of $91.75.
It had already been expected that this CNY period would not be very productive, despite officials’ best efforts to create a normalized environment for visitors.
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