Macau’s Gaming Inspection and Coordination Bureau (DICJ) has a rise in total gaming revenue for February 2025. For the month, total gaming gross revenue (GGR) was up 6.8 percent year-on-year to reach MOP19.74 billion ($2.46 billion).
The GGR for February came in 8.2 percent higher than the corresponding period last year, when gaming revenue reached MOP$18.3 billion. For the combined two months of 2025, GGR reached MOP$38.0 billion, this is up 0.5 percent compared with the same period last year.
February’s result comes after operators reported strong post-Chinese New Year demand which helped soften the blow that the city’s 바카라s faced during the “softer than originally forecast” Lunar New Year Golden Week.
January’s GGR
In January, Macau’s GGR came at MOP 18.25 billion. reflecting a 5.6 percent year-on-year decline. This marked the second consecutive month of year-on-year losses after December’s 2 percent GGR decline. January’s fall was despite analysts anticipating a more modest decline due to the seasonal lead-up to the Lunar New Year. The fall has raised concerns about Macau’s recovery trajectory, with factors like reduced VIP play, a shifting regulatory environment and economic conditions in China influencing market performance.
February’s GGR is in line with expectations, as stated by Success Universe deputy chairman Ma Ho-man, who said it was expected to recover this month. The region is expected to record low single-digit growth for the first two months of the year, he said.
However, he said it would be “unrealistic” to expect Macau’s 바카라 GGR reaching pre-pandemic levels. The Success Universe senior executive remarked that driving foot traffic to boost mass market play is key to driving revenue growth momentum of Macau’s gaming sector. This holds especially true since the city now had only about “20 percent” of its gross gaming revenue (GGR) coming from the VIP segment. He believes GGR returning to pre-COVID-19 levels is unrealistic owing to the decline in VIP gaming.
Full-year forecast
Last month, JP Morgan warned that full-year GGR growth for 2025 may remain in the low single digits, between one percent and four percent, lower than market expectations. Analysts noted that buy-side expectations have already adjusted to near-flat growth, but further downward revisions could impact valuations until signs of market stabilisation emerge.
Other industry analysts have echoed concerns about Macau’s 2025 outlook, particularly following disappointing Golden Week figures. Citigroup also revised down its 2025 growth forecast for Macau’s 바카라 sector, citing weak Chinese New Year (CNY) gambling activity and fresh US tariffs on Chinese exports. The brokerage firm now expects a three percent year-on-year increase in gross gaming revenue (GGR), significantly lower than its previous seven percent projection.
