Macau's casino revenue increased by 6.8% year-on-year in February, marking a positive shift after January’s weaker-than-expected performance.
Macau’s gross gaming revenue (GGR) reached MOP19.74 billion (£1.97 billion/€2.4 billion/$2.5 billion) in February, according to data released on 1 March by the Gaming Inspection and Coordination Bureau (DICJ).
The market outperformed analyst predictions of 0.8% year-on-year growth but remains below pre-pandemic 2019 levels. February’s revenue marked an 8.1% increase from January, with combined revenue for the first two months of 2025 rising slightly by 0.5% compared to 2024.
Macau Casino Revenues Steady During Chinese New Year
The revenue boost was welcome news for Macau’s casino operators, who had anticipated stronger results in January due to Chinese New Year festivities. However, GGR fell short of expectations, declining 5.6% year-on-year.
JP Morgan analysts had previously projected a February rebound, estimating GGR to reach around MOP19 billion—a forecast that proved accurate.
Macau on track for MOP240 billion in 2025
In remarks reported by Macau Business, Galaxy Entertainment Group chairman Francis Lui expressed optimism about Macau’s gaming industry, calling February’s performance a positive indicator for the year ahead. Authorities in the Chinese special administrative region (SAR) have set a GGR target of MOP240 billion for 2025.
“Although January’s Lunar New Year gaming revenue was lower than expected, the latter half of February saw an improvement, surpassing expectations,” Lui told reporters last week, ahead of the DICJ’s report.
He added, “January and February results have been largely in line with our expectations, and we remain confident in reaching the annual target of MOP240 billion.”
Jefferies analysts: “Making up lost ground”
An analysis by Jefferies Equity Research suggests a positive outlook as Macau’s macroeconomic environment continues to improve.
The city’s gaming sector is “recovering lost ground after a weak January,” the Jefferies team noted.
“Several operators, including Wynn, MGM, Galaxy, and Melco, have shared optimistic insights on post-Chinese New Year (CNY) GGR trends,” the report stated. “Both Galaxy and Melco highlighted a sustained boost from the holiday period, particularly driven by the premium mass segment.”
Looking ahead, Jefferies analysts described the 2025 outlook as “modestly solid,” assuming GGR maintains a steady 6.9% monthly growth for the remainder of the year.
