Macau’s Casinos Claw Back on Gaming Revenue in February

Written by

Share on social media

Macau’s casino sector regained momentum in February as gross gaming revenue rose versus both January and the prior year.

An infograph of macau's ggr for february

Key Takeaways:

  • February GGR rose 6.8% year-on-year, exceeding January figures
  • Analysts note late surge in high-end play offset a slow Lunar New Year
  • Experts warn recovery remains uneven, with full normalization still uncertain

Analysts warn the recovery remains uneven and short of pre-pandemic peaks. 

According to Asia Gaming Brief, February GGR was around MOP19.74 billion (about US$2.46 billion), up roughly 6.8% year-on-year and roughly 8% above January, taking two-month 2025 GGR to about MOP38.0 billion. 

A late surge in high-end play helped offset a softer start to Chinese New Year, Golden Week volumes lagged 2019 levels.

Industry forecasters still expect the first quarter to deliver mid-to-high single-digit annual growth for the market, with some banks projecting double-digit year-on-year gains for Q1 driven by a strong tail in February. 

JP Morgan said in a Sunday note: “GGR surprised to the upside – even with a slower lunar new year kickoff”, per GGRAsia. 

Deutsche Bank cautioned February remained well below February 2019 performance and stressed that shifting holiday timing complicates sequential comparisons. 

Recent full-year 2024 totals showed strong overall growth but monthly volatility underscores a gradual, uneven path back to pre-pandemic norms.