Oyo May Have Turned Cash-Flow Positive
Skift Take
- How high will be too high for May Day Golden Week in China as reports continue to pour in about terrific business, soaring room rates, and enormous train ridership.
- The Macau Government Tourism Office said they were predicting 70,000 visitors a day during the holiday period.
- Oyo said it turned cash flow positive in the fourth quarter of FY2023 in an internal note to employees.
How high will be too high for May Day Golden Week in China as reports continue to pour in about terrific business, soaring room rates along with a report from Bloomberg that there were roughly 19.7 million railway trips made across the country on April 29. China Railway Group said they expect a record 120 million passengers during the holiday, a 20% increase over 2019. The Bloomberg report also said major retail and catering companies reported sales increasing by 21% year over year, key food chains’ revenue up 37% while jewelry, cigarette and alcohol sales increased by 17%.
The Macau Government Tourism Office said they were predicting 70,000 visitors a day during the holiday period. On Sunday, Macau set yet another new post-Covid record for daily visitor arrivals with 133,911 arrivals. A total of 570,000 people entered and exited Macau on Sunday. The daily average of visitors was 159,000 in the four day Golden Week in 2019.
Oyo said it turned cash flow positive in the fourth quarter of FY2023 i
