Macao’s gaming revenue rose 14.9 percent in November, exceeding analysts’ expectations in a month that’s typically slow due to a lack of holidays.

Gross gaming revenue reached 18.4 billion patacas ($2.3 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau on Sunday.

That compares with the median analyst estimate of a 13 percent year-on-year increase, and indicates revenue has returned to 80.4 percent of the 2019 pre-pandemic level.

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November’s tally is 11.5 percent down from the previous month, when there was a surge of tourists during the “golden week” holiday.

The city reported 3.1 million visitor arrivals in October, which was about 98 percent of the pre-pandemic level. Authorities will release the figure for November later this month.

For now, analysts expect further improvement in December, with gaming revenue predicted to return to 86 percent of 2019 levels, which would mark the smallest shortfall to the pre-COVID high.

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Growth momentum for the world’s biggest gambling hub includes more relaxed travel policies, as residents in neighboring Zhuhai can apply for visas that allow them to visit Macao once a week, starting from December.