Singapore Hotels Expect Strong Finish as Events Drive Demand
Skift Take
Events like Formula 1 and the Milken Institute’s Asia Summit push Singapore luxury hotel occupancies to 88% after sluggish first half. Plus, more hotel deal and development news.
The daily average of visitors to Macau during the 8-day Golden Week holiday reached the highest level on record, even though it was lower than the Macao Government Tourism Office's expectations of 143,000. That was up 1.9% from last year and up 2.8% from 2019. The National Basketball Association game on Friday between the Brooklyn Nets and Phoenix Suns saw some 14,000 fans pack the recently revamped Cotai Arena. All the visitors were fine, but either our worst fears were realized, and all the non-gaming investment brought the lower quality non-gaming customers to Macau, or they got squeezed by the hold. What it is, casino gross gaming revenue averaged MOP804 million per day. That was down 5.5% year-over-year and down 10% for analyst expectations. What that means is the 4Q estimates are going to have to be lowered.
The Business Times said they believe Singapore hotels are setting up for a strong finish to the year as a packed slate of MICE in 4Q
