Macau’s casino industry recorded a better-than-expected performance in February, driven by the favorable timing of the Chinese New Year, which this year fell entirely within the month.
According to the Gaming Inspection and Coordination Directorate (DICJ), gross revenue (GGR) reached US$2.55 billion, representing growth of 4.5% compared to the previous year.
The result surpassed the market consensus, which predicted a timid increase of just 1% due to the slow start of the holiday.
However, a surge in travel at the end of the festive week saw daily revenues surpass the US$150 million mark.
In the first two months, the six dealerships (Sands, Galaxy, Wynn, MGM, Melco and SJM) totaled US$5.36 billion in earnings, an increase of 14% over 2025.
Why the record number of tourists did not increase revenue at the same rate
The long weekend attracted 1.55 million visitors, the highest volume ever recorded since counting began in 2006.
However, this record flow, with around 300,000 more people than last year, resulted in a revenue increase of just 4.5%.
This discrepancy reflects Macau’s new structural reality: the market has migrated from the old VIP model (junkets) to a focus on the mass market and non-gaming attractions, complying with Beijing’s demands in the 2022 re-bidding.
The volume of people increased, but the profile of the bettor changed.
Geopolitical warning on the horizon
Despite the 13% growth projection for March, analysts are cautiously monitoring the escalation of tension in the Middle East.
The recent joint attack by the US and Israel on Iran could severely impact China’s economy, which imports 99% of the oil exported by Iran.
Economists warn that this energy and commercial instability could reduce consumption power and slow down the flow of Chinese tourists in the coming months.