The Venetian Macao is offering up to 40 percent discount on room rates ahead of the national day holiday. Photo: Bloomberg
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Macau gaming resorts cutting rates for golden week
Gaming resorts in Macau are offering discounts in the lead-up to the national day holiday, the Hong Kong Economic Journal reported Monday.
Sands China Ltd. (01928.HK) flagship The Venetian Macao is knocking back room rates as much as 40 percent.
In its latest promotion, it offered steep discounts on advance bookings during the 22 days to Sept. 19, with a Royal Suite going for 3,900 Macau patacas (US$488), including tax, 32 percent off, the report said.
However, this year’s bookings are lagging those in previous national holidays, also known as golden week.
The Travel Industry Council of Macau estimates occupancy rates at 88.7 percent, unchanged from last year.
The number of visitors from mainland China is expected to rise 10 percent this year compared with 12.1 percent growth to 723,000 in 2013.
However, certain casino sources said they can’t rely on mainlanders to boost their business because they are not betting as much as they used to amid a crackdown on corruption and extravagance across the border.
Earlier, Bank of America Merrill Lynch warned gaming plays face a difficult time ahead. It downgraded its revenue growth estimate for the sector to 0.3 percent for this year.
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