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Macau’s Golden Week Fuels Optimism for Chinese Economy Recovery

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city skyline at sunset, Macau


Macau’s Golden Week holiday is off to a strong start, signaling positive momentum for the broader Chinese economy. In September, Macau’s gross gaming revenue rose an impressive 402.4% YoY to $14.9 billion patacas ($1.85 billion). Although this figure was down 13% from August, it still reached around 68% of the pre-COVID levels in the same month of 2019. Macau’s gaming activity in September was impacted by Typhoon Saola, which briefly closed casinos and affected border traffic.

For the first nine months of 2023, Macau’s gross gaming revenue reached $128.9 billion patacas ($16.1 billion), reflecting a 305% YoY increase. The outlook for October is exceptionally promising, with early indications showing strong tourist arrivals and hotel occupancy rates projected to be over 90% during Golden Week. Analysts anticipate that October’s gross gaming revenue in Macau will be the highest since the beginning of the pandemic.

Golden Week has the potential to boost China’s economy and help achieve the government’s target of +5% GDP growth for the quarter. As Tristan Zhuo, Chief Economist at China Citic Bank International, noted, β€œThe Golden Week holiday looks like it might be one of the busiest holidays ever and… manufacturing is also beginning to stabilize but I think right now the major focus is still on the property sector.”

Macau Casino Stocks to Watch

  • Wynn Resorts (WYNN)
  • Las Vegas Sands (NYSE:LVS)
  • MGM Resorts (MGM)
  • Galaxy Entertainment (OTCPK:GXYEF)
  • Melco Resorts & Entertainment (NASDAQ:MLCO)
  • Studio City International (MSC)

China-related ETFs

  • iShares China Large-Cap ETF (FXI)
  • KraneShares CSI China Internet ETF (KWEB)
  • SPDR S&P China ETF (GXC)
  • iShares MSCI Hong Kong ETF (EWH)
  • KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA)
  • Morgan Stanley China A Share Fund (CAF)


The strong start to Macau’s Golden Week holiday and impressive gaming revenue figures bode well for the broader Chinese economy. As tourism and casino activity continue to recover, investors may find opportunities in Macau casino stocks. Additionally, China-related ETFs offer exposure to the country’s economic growth. With Golden Week expected to be one of the busiest ever and manufacturing showing signs of stabilization, the outlook for China’s economy looks promising. However, the property sector is still a major focus for market observers.

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