Macau Gross Gaming Revenue Tops Forecasts in Best January Since 2019

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Macau’s casinos posted MOP22.63 billion (US$2.79–2.81 billion) in gross gaming revenue for January 2026, a 24% year-on-year jump and roughly 8% higher than December, underscoring continued post-pandemic momentum in both mass and premium segments, per Asia Gaming Brief. 

Macau Cityscape as its Gross Gaming Revenue has risen

Key Takeaways:

  • Macau’s January gross gaming revenue hits MOP22.63 billion, up 24% year-on-year
  • Growth driven by high-spending mainland visitors, VIP wins, and entertainment promotions
  • Industry eyes sustained recovery despite cautious government forecasts for 2026

The Gaming Inspection and Coordination Bureau’s tally beat many forecasts and marked the strongest January since 2019, with analysts pointing to stronger VIP win rates, favorable exchange and visa dynamics, plus targeted entertainment and concert promotions that drew high-spending mainland visitors. 

The month’s uptick also sets a positive tone ahead of the Lunar New Year travel period.

Revenue Momentum Reshapes Operator Outlook

JPMorgan had anticipated at least 15% year-over-year growth for January with a 5-6% growth across the year, noting earlier that “All-in, we are still comfortable modeling January GGR (2026) to grow at least 15% year-over-year (and possibly as much as 20%) thanks to easy comps,” as quoted by the Macau Daily Times.

Citi analysts attributed much of the strength to affluent mainland Chinese demand and event-driven non-gaming draws.

Industry commentary now emphasizes the dual importance of gaming yields and diversified non-gaming experiences for sustaining visitation and wallet share.

Cautious Forecasts Meet Improving Investor Sentiment

Full-year 2025 GGR closed at MOP247.4 billion, prompting a cautious 2026 government forecast of MOP236 billion that regulators describe as conservative given external volatility. 

Meanwhile, sector dividends and cost-control narratives have bolstered investor sentiment, with estimates pointing to weighted dividend yields around mid-single digits this year, reinforcing equities’ appeal amid revenue recovery.