Macau casinos post revenue uptick for February
In an encouraging turn of events, Macau’s casino revenue witnessed a robust year-on-year increase of 6.8% last month, signaling a positive trajectory for the industry after January’s disappointing results.
According to the latest report from the Gaming Inspection and Coordination Bureau (DICJ), Macau’s gross gaming revenue (GGR) for February reached MOP19.74 billion (approximately £1.97 billion, €2.4 billion, or $2.5 billion). This figure not only surpassed the analysts’ forecasts of a modest 0.8% growth but also marked an 8.1% improvement compared to January’s performance. Notably, the cumulative GGR for the first two months of 2025 showed a nominal increase of 0.5% over the same period in 2024.
February gaming revenue elevated to MOP19.74 billion, reflecting a positive 6.8% uptick | Macau Business
Despite this growth, casino revenues remain below pre-pandemic levels of 2019, highlighting the continuing challenges faced by the industry as it strives for recovery.
The recent increase in gaming revenue is particularly uplifting for Macau’s casino operators. The month of January, coinciding with the Chinese New Year celebrations, had produced a disappointing 5.6% decline in GGR, falling short of industry expectations.
JP Morgan analysts had predicted a rebound in February, estimating a GGR of around MOP19 billion, which they subsequently validated through their analyses.
Macau Aiming for MOP240 Billion in 2025
Commenting on the positive trajectory, Francis Lui, Chairman of Galaxy Entertainment Group, expressed cautious optimism, stating that February’s results could herald further growth. Authorities in Macau, classified as a Special Administrative Region (SAR) of China, have set an ambitious target of MOP240 billion in GGR for the entirety of 2025.
“Although January’s Lunar New Year gaming revenue was not as strong as anticipated, the performance later in February improved significantly, exceeding our expectations,” Lui remarked during a press briefing before the DICJ’s report was released.
“The revenues for January and February aligned closely with our projections, and we remain confident that we can achieve the annual target of MOP240 billion.”
Jefferies Analysts: “Making Up Lost Ground”
Recent analysis from Jefferies Equity Research offers a positive outlook for the gaming sector, suggesting that the macroeconomic environment within Macau is improving.
The analysts noted that the gaming industry showed signs of recovery following January’s underwhelming performance. Their reports highlighted that key players such as Wynn, MGM, Galaxy, and Melco have shared encouraging insights regarding the post-Chinese New Year GGR trends. Notably, both Galaxy and Melco reported a sustained uptick in revenue driven by the premium mass segment.
According to Jefferies, “the outlook for the remainder of 2025 remains modestly optimistic,” provided that GGR continues to increase at a rate of 6.9% monthly throughout the year.
This optimism points to a potential recovery trajectory for Macau’s gaming industry, providing invaluable insights for stakeholders as they navigate the dynamics of post-pandemic recovery.
