The Gaming Inspection and Coordination Bureau said Macau’s casinos collected $1.05 billion from gamblers during April, a massive reversal from a year ago when the region saw just $95 million gaming revenue. However, Macau’s market was still down more than 64% from pre-pandemic April 2019.

Prior to the pandemic, Macau’s casino industry normally posted single-month revenue totals in the $3 billion range.

Macau has experienced an increase in visitor volume from mainland China – the region’s key feeder market – following a relaxation of COVID-19 measures that limited travel.

According to Inside Asian Gaming,  the Macau Government Tourism Office said the market saw its highest single daily tally of visitor arrivals into the region in 15 months with 34,252 on April 16.

With daily visitor arrivals continuing an upward trend throughout the month, analysts May’s Golden Week Holiday is expected to increase revenue for gaming operators.

“While (the) April Macau gaming revenue results were worse than consensus, we don’t believe that really means much given the current uncertain backdrop,” said Stifel gaming analyst Steven Wieczynski. “What we continue to be the most encouraged by are the visitation patterns that Macau has witnessed as cases drop and quarantine measures are eased.”

Wieczynski added that the pent-up demand among Macau visitors remains strong.“What we continue to be concerned about is that while visitation patterns are improving, the gross gaming revenue flow-through is not there yet,” Wieczynski said. “Seems like the market is improving from a visitation perspective but turning those visits into gaming revenue seems more difficult.”

Las Vegas Sands, Wynn Resorts, and MGM Resorts International are U.S. companies with casino operations in Macau, which has been considered the world’s largest gaming market in terms of gaming revenue.

During the company’s quarterly earnings conference call last month, Las Vegas Sands Chairman and CEO Rob Goldstein expressed optimism on Macau’s recovery.

“We remain confident in the eventual recovery in travel and tourism spending across our markets,” Goldstein said. “Demand for our offerings from our customers who have been able to visit remains robust.”

Goldstein said Las Vegas Sands is looking at reinvesting much of the proceeds from the $6.25 billion sale of its Las Vegas operations into Asian opportunities. The transaction is expected to close by the end of the year.

Macau collected $7.56 billion in gaming revenue during 2020, a decline of 79.3% from 2019 when casinos produced $36.6 billion in gaming revenues. It was the lowest single-year total since 2006.

The pandemic has ravaged Macau’s casino industry. During 2020, Macau experienced six straight months of 90% gaming declines that ended in October.