Macau’s Casinos Claw Back on Gaming Revenue in February

Written by

Share on social media

The sector was up 6.8% year-on-year but is still playing second best to pre-pandemic peaks.

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.