The first eight days of January saw the average daily Macau casino gross gaming revenue (GGR) more than quadruple the daily average attained in the fourth quarter.

JP Morgan Securities (Asia Pacific) Ltd projected Macau daily GGR at MOP2.1 billion (US$261.1 million) for the first eight days of the new calendar year, “implying around MOP260 million per day,” noted analyst DS Kim, citing industry checks. According to analysts, the first week of the year’s mass GGR was up to 50% higher than pre-COVID levels.

Tuesday also saw a rise in the price of casino stocks in Macau as a result of a more optimistic prognosis for licence renewals and the potential for increased tourism during the city’s Grand Prix event.

The opening of Macau is positive for the city, which suffered from COVID restrictions and lockdowns all year long, resulting in its worst GGR ever for 2022, at just $5.26 billion, a 51.4% yearly loss.

The Monday closing price of Wynn Macau’s casino stock, which rose 4.7% on the Sunday reopening, was HK$9.61. Meanwhile, the shares of Sands China and Galaxy Entertainment also increased by 3.7%.

Melco experienced a significant rise in trading on Monday, rising 8.89%, while SJM, another local operator, up 3.42%. MGM gained the least during the day, rising 3.14%.

According to observers, the most recent development is encouraging for existing casinos seeking to extend their licences in the city. The gains came a day after local media reported that the Macau government had agreed to a plan that would require applicants for casino licences to invest a total of $12.5 billion over the following 10 years in order to secure their concessions.

Following the opening up of both China and Macau, the domestic travel market is predicted to recover to over 70% of its pre-pandemic levels, according to China’s official tourism ministry.