Macau recorded gross gaming revenue of MOP 20.63bn (US$2.56bn) in February, according to data released by the Gaming Inspection and Coordination Bureau.
The result marks a 4.5% increase from the same month in 2025 and stands as the strongest February performance since 2020. Average daily revenue reached about MOP 740m, roughly 81% of the level recorded in 2019.
Despite the year-on-year improvement, February GGR fell 8.9% compared with January, which delivered MOP 22.63bn and a 24% year-on-year gain. The combined total for January and February reached MOP 43.26bn, representing 13.9% growth compared with the first two months of last year.
Market expectations for February shifted during the month as Lunar New Year demand proved uneven. Average daily revenue from February 16 to 22 reached about MOP 786m, below the projected MOP 850m to 950m range. Industry estimates put revenue for the first 22 days at around MOP 14.3bn, an 8% year-on-year decline.
Investment banks lowered their projections accordingly. Forecasts for full-month GGR were revised to a range of MOP 19.5bn to MOP 20.1bn, equal to about negative 1% to positive 2% year-on-year. Analysts noted strong activity only emerged in the later days of the holiday.
Looking ahead, operators and analysts expect GGR to settle near a monthly average of MOP 20bn for the year. While upside remains constrained by shifting visitor spending patterns, the market is still projected to deliver stable incremental growth through 2026.
Mass-market segments continue to anchor recovery while high-end and VIP play show slower normalization
