Macau will likely see a rise in hotel occupancy and visitor arrivals over the coming Chinese New Year holiday, says Chan Chi Kit, president of the Macau Hoteliers and Innkeepers Association.
Chan, in an interview with Macau Business Daily, said visitor arrivals are likely to increase 5 percent, while hotel occupancy is likely to rise 10 percent year-on-year over the holiday period.
Chan says the devaluation of renminbi, discounted room rates, coupled with new casino openings would be the main reasons for the increase in visitor numbers.
Deutsche Bank analyst Karen Tang in a note earlier this week noted 19 out of 23 hotels in Macau were already fully booked out for Chinese New Year.
“This is much busier than October’s Golden Week four months ago when only nine hotels were fully booked a week before the holiday,” she said.