The gaming concessionaire also stressed that while visitation over the CNY period is currently at around 40 per cent of 2019 levels, volume and revenue are “outperforming proportionately.”

This is due to pent-up demand and customer mix, the group noted in a stock filing about its fourth quarter 2022 results sent to the Hong Kong Exchange, adding that it’s consistent with the experience of other international markets that opened after COVID-19.

Over 285,000 visitors entered the SAR in the first four days of the CNY holiday period, while the third day of the holiday has breached another record in daily visitor arrivals since the early 2020 pandemic outbreak, with a total of 90,416 tourist arrivals reported.

Chief Executive Ho Iat Seng foresaw that in the coming days of the CNY holidays, the flow of people in the city would be even greater, indicating that Macau had begun to “emerge from the fog of the epidemic“.

In Sands China’s statement, the company said that its adjusted property EBITDA loss was US$51 million (MOP 411.4 million) for the fourth quarter of 2022, and the total net revenues decreased 31.7 per cent to US$439 million year-on-year, while the 4Q22 net loss stands at US$348 million.

For the full year 2022, Sands China’s adjusted property EBITDA loss was US$324 million, while total net revenues decreased 44.2 percent to US$1.61 billion compared to 2021, with a net loss of US$1.58 billion.

However, over the past few weeks, travel restrictions have been comprehensively lifted for Macau, and they have seen a significant improvement in property visitation, gaming volumes, retail sales, and hotel occupancy, the company noted in its stock filing.

Chairman and Chief Executive Officer of Sands China’s parent company, Las Vegas Sands Corp., Robert Glen Goldstein, highlighted in its 4Q22 earnings conference call that Macau’s future is bright and the SAR “remains the largest market globally.”

“We remain confident in a robust recovery in travel and tourism spending across our markets,” the chairman said, “and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead,” said Mr Goldstein, who is also Chairman of the Board and CEO of Sands China.

By Therese Tu