高盛-中国旅游休闲行业跟踪20240629

Werefreshthelatestdataacrosstransportation,hotels,dutyfree,onlinetravelagents,casinogaming,restaurants,moviesandvariousotherleisureandservices-relatedindustriesinChina,andalsohighlightthekeytakeawaysfromtheConsumerandLeisureCorporateDayswehostedearlier(seethevariousnoteswepublishedonindividualcompanies:Macaugaming,T,Tongcheng,Jinj+852-2978-6102|simon.cheung@GoldmanSachs(Asia)L.L.C.+852-2978-0726|herbert.lu@GoldmanSachs(Asia)L.L.C.+852-2978-1984|alpha.wang@GoldmanSachs(Asia)L.L.C.+852-2978-6972|leah.pan@GoldmanSachs(Asia)L.L.C.+852-2978-1879|dorothy.wong@GoldmanSachs(Asia)L.L.C.Overall,domestictraveldemandremainedsteadyposttheLaborDayholidaywithshort-haul(proxiedbysubwayridership)andlong-haultravel(numberofdomesticairtraffic)+11%and+8%yoyinMay(vs.+7%/+4%inApril).PricingisstillunderpressurewithairfareandhotelADR~-10%yoynotonlyduetothehighbaselastyear,withthestrongpent-updemandshortlyafterreopening,butalsoreflectingfurthersupplyrecovery,i.e.,airflightcapacityandhotelsupplyalreadybackto112%/100%ofpre-pandemiclevels.Onapositivenote,thehigher-frequencySTRhoteldataandJinjiang/HWorld’scommentssuggestnarrowerdeclineinMay(-7%vs.-14%inAprilforSTR;flatvs.negativeforJinjiang).BothTCOMandTongchengsaidtheyareontracktomeettheirlowered2Q24revenueguidance(+11-16%/+20-25%yoy)-thelattergenerallyseeinglesspricingpressuresupportedbylesshotelsupplyandmoreshort-haultravelinlower-tiercities.InHainan,althoughairtrafficheldupatbothHaikouMeilanandSanyaPhoenixairports,DFSsaleswasweakrunningat~Rmb64mnperdayinMay(vs.Rmb99/72mninMar/Apr)drivenbyfewershoppers(-16%yoyto13.5kperday)astheycanfindcosmeticitemsonlineatattractivepricepoints.Forrestaurants,givenslowertableturnanddecliningsame-storerevenue(Jun7),companiesarereadjustingtheirproductofferingstomorevalue-focused.GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgo/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.rAsforoutboundtravel,afterthestrongperformanceseenduringtheCNYholidays(Feb18),thedatahaveretreatedto64-65%ofFY19levelsinrecentmonths,draggedbyweakertrendstoMacauandHongKong(~60%/75%vs.95%/75%duringCNYholidays)whichcompaniesgenerallyattributetopoorweatherinrecentmonths.Ontheotherhand,Japan,KoreaandThailandhaveattractedmoremainlandChinesevisitationto72%/83%/70%ofpre-pandemiclevelsinMay(vs.61%/76%/66%in1Q24)duetovisa-freepoliciesandfavorablecurrencymovement(i.e.,weakerJPY).Chineseairlinesstillseefasterrecoveryvs.overseascarrierswiththeirinternationaltrafficbackto~75%,althoughtheirairfarescontinuedtofall-30%yoy,graduallynormalizingto110-120%ofpre-COVID19level.Whileforwardbookingwindows,especiallyforleisuretravel,remainrelativelyshortthesedays,commentsbyindustryparticipantsandconsultantssuggestrelativelystablemomentumduringtheupcomingsummerseasonsagainsttoughcomps,withstrongpent-uptraveldemandlastyear.Specifically,anindependentthird-partysource(DASTor航班管家)expectsChina’soverallairpassengertraffic(domesticandinternational)togrow7%yoyor112%ofFY19level(vs.+8%inMayasmentionedabove).Airfarescouldremainsoft,currently-10%yoyor110%ofpre-pandemiclevels.AccordingtoTCOM(link),searchesforbothdomestichotelsandairticketsonitsplatformsarehealthy,upmorethan20%yoyinrecentweekswithover70%ofbookingsonlong-haultravel.Internationally,Japan,KoreaandSoutheastAsiancountriesremainthemostpopulardestinationsforChinesetravelers,althoughbookingstomoredistantcountries,i.e.,theUS,UK,Australia,FranceandItaly,sawmeaningfulpickup.SportseventssuchastheParisOlympicsandtheEURO2024arelikelytohavedrivenmoredemandfortraveltoEurope.Summarizingthetakeawaysfromthecorporatedays(Exhibit1),theshippingandportcompaniesgenerallysharedmoreupbeatcomments,expectingthestrongcargovolumemomentuminChina(+9%ytd)tosustaininto2H24.Commentsbytheleisure&travelverticalsweremoremixed,withairlinesguidingweaker-than-expectedairfaresfortheupcomingsummerseason,hotelsexpectingcontinuedvolatilityindomesticRevParhingingonthepaceoffuturesupplygrowthandbusinesstravelrecovery,airportsindicatingcontinuedsetbackinDFSspendingsimilartothetrendweobserveinHainan,reflectingonlinecompetitionandOTAguidingflattomodestmarginexpansiondomesticallyoneasingcompetition,althoughthetrendcouldbedifferentforTCOMvs.Tongcheng’soutbound/overseasbusinesssincetheyareindifferentphasesofinvestmentcycles.ForMacau,asdiscussedinourreport(Jun14),theimpactofgovernmentcrackdownonimproperexchangesandrevenuesharingpracticesbyagents(-ve)andIVSpolicyrelaxation(+ve)hasyettobeseen.OperatorssoundmoreconfidentabouttheirprofitabilityandFCFgeneration,expectingsteadyopexandmorerationalcompetitionahead.ThepullbackinChinatravelstockpricesinrecentweekshasbeendrivenbyconcernoveradomestictravelslowdownamiddatapointsshowingpricepressure.Investorsalsoworrythattheyoytrendwilllookopticallyweakin3Q24givenatoughcomparisonwiththestrongsummerlastyear.Wepreferthosestocksthatoffercompany-specificoridiosyncraticupside:Galaxy(stocknotfullypricinginmarketsharegain),TCOMr(furtherpotentialupsidefrommarginandlong-termgrowthfromitsTplatform),HWorld(outpacinghoteladditionandupsidefrompotentialbusinesstravelrecovery),COSCOShippingEnergy(potentialrateupsideontightsupplyduetoRedSeadisruption),ChinaMerchantsPort(USrestockingcycletodrivevolumerecovery).WelayoutourupdatedforecastsforeachtravelverticalinExhibit4.rIndustryMomentumKeytrends/surprisesLodgingMixed(1)Jinjiang'sdomesticRevPARexhibitedgreatervolatilityinMay,addinguptoflatyoywithslightlylowerocc.rateandstableADR;(2)Franchisees'appetiteremainshealthyandnewhoteladditionsisontracktopotentiallybeatFYguidance;(3)Cautiouslyoptimisticonsummerseasonoutllokonhighbaseeffect;(4)Narrowinglossesonoverseasbusiness.OTAMixed(1)BothTCOMandTongchengmaintain2Q24guidancewithsteadydomestictravelvolume;(2)Tongchengsawlesshotelpricingpressurevs.TCOMgivenitsfocusinlow-endhotels;(3)TCOMseesupsideinprofitmarginfromdisciplineinS&Mspendingandfavorablemixshifttowardhighermarginoutboundbusiness,whileTongchenganticipatesmargintolikelybottominFY24draggedbynewbusinesses;(4)Bothcompaniesremainoptimisticonoverseasbusinessoutlookwithimprovingprofitcontribution.MacaugamingMixed(1)GGRsoftenedinrecenttwoweeksofJun;(2)Galaxy/MLCOgainedGGRsharesin2QtdatWynn/MGMexpense;(3)DPSresumptionforSands/MLCOlikelyinFY25,followedbySJMinFY26;(4)Alloperatorsguidesteadyopexin2Q/2H24;(5)GradualrolloutofsmarttablesbyearlynextyearexceptforSJMbylate-FY25.AirlineDeterioratingForthesummerholiday,ChinaEasternAirlines(CEA,600115.SS)'sdomesticASKcouldhiketo130%of2019withflat□loadfactor,□whiletheairfaremayhavenogrowthvs2019,weakerthanexpected10-20%increasevs2019.□Forinternationalroute,theforwardbookingloadfactorisdownby10pptvs.2019duetohigherairfareat+10-20%vs.2019forthissummer.AirportMixedShenzhenAirport(000089.SS)DFSspendingperheadisstilltrackingweakataroundRmb45,downfromRmb70-80lastyear,□whichmanagementattribute□tolowerpricecompetitivenessofDFSproducts.Airfreight&ShippingImprovingEasternAirLogistics(601156.SS,EAL)andOrientOverseasInt'l(OOCL,0316.HK)bothexpectthestrongdemandtosustainatleastto3Q24amidrestockingcyclein□USandEurope,whilesee□lowvisibilityfor4Q.PortsImprovingPortoperatorsalsobenefitedfromtherecentrobustexportdemandwith+9%YoYgrowthYTDforthroughput.Theybelievetheongoingportcongestioncouldberesolvedbycallingatneighbouringportsifnofurthervolumeincrease.TravelluggageMixed(1)CautiousonChinademandoutlookhavingobservedslower-than-expectedoutboundtravelrecoveryesp.tolong-hauldestinations;(2)LessintensecompetitioninIndiawithpeersscalingbackdiscounts;(3)ExpectmoderategrowthinEuropeandUStoremain;(4)Maintainrationaldiscountstrategyandaimatmarginimprovement.r80%60%40%20%0%80%60%40%20%0%80%60%40%20%0%DomesticDomesticshort-haul(Subwayridership)--Domesticairpassengertraffic-Internationalairpassengertraffic126%126%116%116%115%114%114%110%109%106%107%115%114%114%110%109%106%99%121%104%112%112%93%102%83%115%110%101%109%105%99%121%104%112%112%93%102%83%115%110%101%109%105%73%90%73%85%84%85%76%78%76%57%52%39%43%39%34%12%2%3%12%HKvisitationHKvisitation103%95%103%95%90%84%80%86%84%80%79%66%76%75%72%79%66%76%75%72%67%56%65%64%58%72%67%56%65%64%58%48%48%52%28%20%14%0%--IndustryhotelRevPar--MacaumassGGR116%124%115%116%124%115%112%117%117%110%112%112%105%111%117%117%110%112%112%105%106%83%72%89%105%115%105%96%87%106%106%83%72%89%105%115%105%96%87%106%68%37%1Q232Q233Q234Q231Q24Apr-241Q232Q233Q234Q231Q24Apr-24May-242021202220232024E2025ENote:Domesticshort-haulrefersto10-citiesaveragesubwayridership,i.e.,Beijing,Shanghai,Shenzhen,Guangzhou,Xi'an,Nanjing,Wuhan,Chongqing,ChengduandSuzhou;IndustryhotelRevParreferstoaverageoftop3hotels,i.e.,HWorld,Jinjiang,andBTG;HKvisitationisvs.2018levelbeforesocialunrest.rnBetterairtrafficbutweakerairfaresforsummerholidayseason-Domesticairflightcapacityhasimprovedto112%of2019inlate-Jun24(vs.109%inMay-24),whileinternationalflightcapacityremainedsteadyat72%of2019inlate-Jun24(vs.72%inMay-24).Fortheupcomingsummerseason(Jul1-Sep1),DASTexpectsoverallpassengertraffictoimproveto112%of2019(+7%YoY).Thatsaid,domesticairfareistrackingweakerthanexpectationat+10%vs.2019,vs.10-20%forinternationalticketprices.Onforwardbookingtrends,ChinaEasternAirlines’(Jun13)loadfactorfordomesticforwardbookinghasrecoveredtopre-COVID19level.Foritsinternationalroutes,loadfactoris-10%behind.Thecompanycontinuestoguideforafullrecoveryforitsinternationalflightcapacitywithinthisyear.Overall,weexpectdomestic/internationalairtraffictoaverageat112%/74%of2019levelsforthefullyear,withChinese/foreigncarriersrecoveringto84%/63%respectively.Asforairports,ShenzhenAirport(000089.SS)sharedthatitsDFSspendingperheadhasfallento~Rmb45vs.Rmb70-80lastyear,whichmanagementattributetoincreasedcompetitionfromotheronlinechannels.nHotelRevPartoremainvolatile.Companiesremaincautiouslyoptimisticontheirfull-yearRevPartrends-OurhighfrequencytrackersuggestsChina’sdomestichotelRevParremainssoftinJunMTD-8%yoy(vs.-14%/-7%inApr/May)inlinewithJinjiangandSamsonite’scomments(Jun12,Jun14)thatleisuretraveldemandhastendedtoexhibitgreatervolatilityinbetweenholidays,intheabsenceofthefullreturnofbusinesstravel.Bysegment,economyandmidscalehotelsshowedmoreresilience,withRevPar+3%/-4%yoyvs.-15%forupscalehotelsmainlydueto(1)dilutionfromoutboundtravelamonghigher-incometravelers;(2)moreshort-haultravelinlower-tiercitiesamidthevalue-focusedconsumptiontrend.Lookingintotheupcomingsummerseason,bothJinjiangandGreentreesoundedcautiouslyoptimisticandacknowledgedahighbasein3Q23,withJinjiangtargetingflattishRevParyoyandGreentreeexpectingsteadydeclinepartlyduetotheongoingoperationaldisruptionfromhotelupgrades.Onapositivenote,hoteladditionisontrackwithhealthyinvestmentappetitesbyfranchisees.nHainanDFSsalesremainedweak-38%yoyinMayonbothfewershoppersandlowerspendingperheadononlinecompetitionanddilutionfromoutboundtravels-AccordingtodatareleasedbyHainan’sCustom,DFSdailyrun-rateinMayfell-38%yoytoRmb64mnwiththetotalnumberofshoppers-16%yoyto13.5kperday,implyinglowerspendingperheadofRmb4.7k(-26%yoy).BesidestheimpactofdaigoucrackdownandbadweatherinearlyMay,wesuspectitmayalsopartlybeduetoconsumptiondilutionofoverseascountriessuchasJapanduetotheweakerJapaneseYen.Thisisreflectedintheunderperformanceofthehigh-valueproductcategories(e.g.,accessories,leatherandwatchessalesdown-40%/-42%/-46%yoy).Indeed,accordingtotheJapanDepartmentStoreAssociation,Japan’sDFSsalesgrowthacceleratedfurtherinMay,morethandoublingvsthatofFY19levels(vs.+74%inApr).ChineseoutboundtraveltoJapanrecoveredto72%(vs.61%in1Q24).Asfarascompetitionisconcerned,particularlyduringthepast618ShoppingFestival,ourpricesurveyshowedthatpricingdiscountsformajorproductcategoriesr(i.e.,cosmeticsandskincare)remainedlargelysteadyeventhoughweobserveastep-upinpricecutsbyotheronlinechannels(seeourConsumerteam’sreportonJun-24).nOTAMAUsoftenedinMayonweakseasonality.Tongchenginvestinginitsownapp.MorerationalcompetitionasDouyinbroughtitstakerateinlinewithpeers-AfterastrongtakeupinApraheadoftheMayLaborDayholiday,usertakeupandactivitiesacrossthevariousOTAplatformsslowedsequentiallyinMay(i.e.,MAUatCtrip/Qunar/Fliggy/Tongcheng(apponly)slipped-6.1%/-10.2%/-11.6%/-6.6%MoMrespectively).Thissaid,asTongchenghasstartedtoinvestinitsownappstoenhancethestickinessofitsuserbase,MAUonitsownapprose+86%yoy,vs.-4%to+22%foritspeers.Atourrecentcorporateday,bothTCOMandTongchengsaidtheysawsteadyteen%yoydomestictrafficgrowth,butTongchenggenerallyseeslesspricingpressuregivenitsgreaterexposureinthelower-tieredcities.Asfarasprofitabilityisconcerned,TCOMseesupsidefromdisciplineinS&Mspendingandfavorablemixshifttowardthebetter-marginoutboundtravelbusiness,whileTongchenganticipatesmarginpressurefromitsnewinvestmentstopersistfortherestoftheyear.Bothcompaniesremainoptimisticontheoverseasoutlookandanticipateincreasingprofitcontribution.Afterofferingsignificantdiscountsforyears,Douyinrecentlyadjusteditshoteltakerateto8%(from4.5%)effectivefromJul1st,inlinewiththeotherOTAplayers.ThelasttimetheyliftedtheirhoteltakeratewasinMay2022whenthecommissionratewasrevisedupto4.5%(frommerely0.6%).Weseesuchamoveaspositivefortheindustry,signalingitsshiftoffocustoprofitabilityafterreportedlyscalingbackitsexpansionearlierthisyear.TogetherwithMeituan‘sreductioninpromotionalactivities,thecompetitiveenvironmenthasbecomemorebenigninChina’sOTAmarket.nMacau’sGGRmomentumsoftenedinrecentweekslikelyonweakseasonalityandlowerVIPwin-rate.ChineseVIPdropvolumeinKoreaimprovedgraduallyto75%ofpre-COVIDlevelinMay-InMacau,thedailyGGRrun-rateslippedtoMOP533/514mnoverthepasttwoweeksofJun(vs.MOP650mninthebeginningofthemonthamidDragonBoatFestival)likelyduetopost-holidayslowdownandluckfactors.WithVIPGGRrunningat~30%ofFY19level,mass-marketGGRistrackingat~100%(vs.~110%inApr/May).Duringourrecentcorporateday(Jun14),wegatheredthatGalaxy/MLCOgained1-2ptsGGRmarketshare(thoughGalaxylikelybenefitedfromgoodluckinMay)attheexpenseofWynn/MGMwhileSands’GGRsharehasbeenrelativelysteadydespitedisruptionfromLondonerPhase2renovation.Alloperatorsguidedsteadyopexin2Q/2H24E,andplannedtograduallycompletetherolloutofsmarttablesbyearlynextyear,exceptforSJM,whichisguidingtolate-FY25E.Asfarasshareholderreturnisconcerned,SandsandMLCOclarifiedthatdeleveragingremainstheirtoppriorityanddividendresumptionislikelytobeinFY25E,followedbySJMinFY26E.WynnMacauhasnocommitmentsofarondeclaringaspecialDPS.Elsewhere,inKorea,ChineseVIPdropvolumeinforeigner-onlycasinosgraduallyrecoveredto75%ofFY19levelsinMay-24(vs.64%/55%inMar/Apr)alongwithfurtherChineseinboundvisitationrecovery(83%inAprvs.80%inMar).SuchrecoverypacestilltrackedbehindthedropvolumeinJapaneseVIPplayers,whichconsistentlyremainedaboveFY19levelsby+9%inrnForothercategories,onlineleisureactivityengagementlargelycontinuedthepriormonthmomentumwithoutperformanceineCommerce.RestaurantSSSrecoverysequentiallytrendeddownpostLabourDayholidays-Foronlineactivities,eCommercetimespentwassteady+12%yoyinMay(vs.+13%inApr)presumablyduetoearlystartof618ShoppingFestivalthisyear.SFV(short-formvideo)timespentalsoincreasedby+6%yoyledbyDouyin(+13%vs.+15%inApr).Ontheflipside,Gamesengagementmoderatedto-3%yoyinMay(vs.-2%yoyinApr)partiallyduetoincreasingofflinetravelingactivitiesheadingintosummerholidays(seeourinternetteam’sreportonJun17).Asfordining(seeourconsumerteam’sreportonJun25),similartoourobservationonthehotelside,restaurantssawbumpyrecoveryduringthenon-holidayseasonamidthevolatileconsumptionbackdrop,andSSSrecoveryrateturnedsofterinAprandMaypostLabourDayholiday.Withcustomersremainingvalue-focused,brandsincl.TaiEr,SongandXiabuxiabuareloweringASPorlaunchingnewmodelstosatisfythedemandforvalue-for-moneyofferings.ChinaConsumerPulsecheck:SequentiallyweakersentimentQTD;Discretionary/Overseassalesrelativelyoutperform(Jun25)ChinaConsumerConnections:618ShoppingFestival:Discountsstepped-up,acceleratingconsolidation;Beautylagswhileothersinline/stable(Jun24)NavigatingChinaInternet:618ShoppingFestival5keyhighlights;continuedthemeoffightbackofincumbents(Jun20)MacauGaming:Consumer&LeisureCorpDay:GGRholdingup;Galaxy/MLCOgainedshareatWynn/MGMexpense;DPSresumptionforSands/MLCOlikelyinFY25(Jun14)MacauGaming:SteadyGGRinMay,reviewofdividendpolicies;Scopeforearningsupgradeahead(Jun3)TongchengTravelHoldings(0780.HK):Consumer&LeisureCorpDay:Maintain2Q24guidance.MarginbottominFY24.NoissueofCBs(Jun15)TGroup(TCOM/9961.HK):Consumer&LeisureCorpDay:CBqueries;2Q/3Qdomesticsteady,marginupsideonoutbound/T(Jun6)ShanghaiJinjiangInt’lHotels(600754.SS):Consumer&LeisureCorpDay:MorechoppyRevPartrendinnearterm.Stilltargetingtonarrowoverseaslossonfinancecostsavings(Jun12)HWorldGroup(HTHT/1179.HK):1Q24resultscalltakeaways:HighertakeratetomakeupforsofterRevParnearterm.Upsidefromhoteladdsandcapitalreturn(May20)ChinaTourismGroupDutyFree(601888.SS/1880.HK):NDRcalltakeaways:HainanDFSsalesstillsoftnearterm.Openinguppre-departuredowntownDFSstoreslikelybyyear-end(May18)rChinaTravel&Leisure:LaborDayholidaytraveldatabetterthanfeared.TrafficoutpacedCNYbutpricesteady.MorevalueinMacau/HK(May7)rvs.vs.FY19LatestTrailing3periodmonthsLatestTrailing3periodmonthsLeisurecategoryIndicatorLatestperiodUnitValueYoYPassengerscarriedbymodePassengerscarriedbymode12%11%May-2453AirmnRailwayMay12%11%May-2453AirmnRailwayMay-24mn36111%12%17%17%MotorwayMay-24mn1,0117%6%n.a.n.a.SubwayridershipApr-24mn2,7458%16%14%15%8%9%MajorairportdomesticpassengersShanghaiPudongMay-24mn3.734%36%BeijingMajorairportdomesticpassengersShanghaiPudongMay-24mn3.734%36%BeijingCapitalMay-24mn4.317%18%GuangzhouBaiyunMay-24mn4.89%6%ShenzhenMay-24mn4.45%6%DOMESTICTRAVEL13%15%-20%-20%10%8%13%13%-10%-13%5%21%5%3%-5%1%DeterioratingMixedImprovingn.m.n.m.-9%1%HotelsSectorRevPARMay-24-1%-8%HWorldMar-24-13%3%JinjiangMay-240%-6%BTGMar-24-5%2%Duty-freeDuty-freeHainanDFSstoresalesMay-24Rmbmn2,581-34%-32%-3%1%May-24'000-3%1%May-24'0004,416MoviesMovies-13%-3%May-242,949RmbmnMovieboxofficerevenue225%239%-13%-3%May-242,949RmbmnMovieboxofficerevenue225%239%-17%-14%122%120%OnlineactivitiestimespentShort-formvideo(SFV)May-246%7%GamesMay-24-3%0%ShoppingMay-2412%13%n.a.n.a.-26%-17%n.a.n.a.-26%-17%35%45%81%60%60%55%PetsPetfoodonlinesalesMay-24Rmbmn3,00548%14%Sportswear(incl.shoes)onlinesalesSportswear(incl.shoes)onlinesalesAdidasMay-24105%52%NikeMay-248%5%LiNingMay-2447%13%AntaMay-2438%14%-13%-8%-28%-13%-8%-28%-36%-30%-24%RestaurantsHaidilaoaveragetableturnApr-2424%28%XiabuxiabuSSSGMar-24-14%-19%TaiErSSSGMar-24-13%-14%-55%-47%79%-55%-47%79%59%Wine/spiritsonlinesalesWineMay-2416%-4%BeerMay-2475%35%-33%-16%-33%-16%Snacksonlinesales-10%3%May-24Snacksoverall-10%3%May-24vsvs.FY19LatestTrailing3periodmonthsMacauLatestTrailing3periodmonthsLeisurecategoryLatestperiodIndicatorValueYoYUnit30%35%TotalGGRMay-24MOPmn20,18830%35%VIPGGRMay-24MOPmn3,2640%13%38%41%Mass&slotGGRMay-24MOP38%41%-22%-23%-70%-70%12%14%24%Totalvisitation24%TotalvisitationMay-24'0002,69222%-21%-22%MainlandChinasubtotalMay-24'0001,85626%31%-23%-25%IVSMay-24'0008936%7%-19%-19%PackagedtourMay-24'000n.a.n.a.n.a.-70%MainlandChinaothersMay-24'000n.a.n.a.63%n.a.15%HongKongMay-24'000582-3%-7%0%-3%OthersMay-24'00025485%117%-35%-32%108%108%Koreaforeign-only-ParadiseCo.TotaldropMay-24KRWbn60615%20%4%5%VIPMay-24KRWbn48216%21%0%-1%JapanMay-24KRWbn2483%14%9%20%ChinaMay-24KRWbn10872%80%-25%-36%OthersMay-24KRWbn1