Gross gaming revenue (GGR) in Macau came to MOP19.74 billion (£1.97 billion/€2.4 billion/$2.5 billion) in February, according to figures released on 1 March by the Gaming Inspection and Coordination Bureau (DICJ).
The market outperformed analyst forecasts of 0.8% year on year, but it remains below 2019 figures, before the Covid-19 pandemic. The February results represent an 8.1% increase from January. The first two months of 2025 combined were up marginally over 2024, at 0.5%.
February gaming revenue reaches MOP19.74 bln, up 6.8 pct | Macau Business
Macau casino revenues flat in CNY
The uptick was heartening news for Macau casino operators, who had expected a considerable bump in January as Chinese New Year celebrations kicked off. But those numbers fell short, with GGR down 5.6% year on year.
At the time, JP Morgan analysts accurately forecast a lift in February, with GGR of about MOP19 billion.
Macau on track for MOP240 billion in 2025
In comments reported by Macau Business, Galaxy Entertainment Group chairman Francis Lui said February is a sign of good things to come. Authorities in the Chinese special administrative region (SAR) have set a target of MOP240 billion in GGR for the year.
“Although gaming revenue for this January’s Lunar New Year may have been lower than expected, the performance in the second half of February has improved and exceeded expectations,” Lui told reporters last week, before the DICJ issued its report.
“January and February have been very close to our expectations. And we remain confident in achieving the annual target of MOP240 billion.”
Jefferies analysts: “Making up lost ground”
Analysis released by Jefferies Equity Research indicates room for optimism as “the macro environment” in Macau improves.
The city’s gaming industry “[made] up lost ground after a weak performance” in January, the Jefferies team wrote.
“Several of the operators, including Wynn, MGM, Galaxy and Melco, provided positive commentary surrounding post-CNY GGR trends…. Galaxy and Melco also indicated that both of saw a long tail effect from the CNY holiday, driven by the premium mass segment.
“Outlook for rest of 2025 remain modest-solid,” they continued, provided GGR increases 6.9% in each month for the rest of the year.
Original article: https://igamingbusiness.com/casino/macau-ggr-casino-uptick-february/
