Macau Casino Revenue Rebounds in February, But Market Enthusiasm Slows

Macau's casino revenue hit MOP19.7 billion (US$2.46 billion) in February, marking the highest monthly figure since October and providing a significant recovery for the six gaming operators in the Chinese enclave. 

February’s count represented an 8% increase from January, when the gross gaming revenue (GGR) reached $2.27 billion. Last month was nearly 7% more profitable than February 2024, during which casino revenue totaled $2.3 billion. 

February gained from the celebration of the Chinese New Year. The official national holiday period lasted from January 28 to February 4, with the days in February including the weekend. After a letdown in January, the Macau authorities announced that GGR for the first two months of 2025 is 0.5% higher than in 2024. 

Macau is the sole location under Chinese jurisdiction where table games and slot machines are permitted. The market is limited to six operators, with licenses owned by Sands, Galaxy, Wynn, MGM, Melco, and SJM. 

New Year, New Issues 

Macau, although currently the world's most lucrative gaming market with gamblers losing $28.3 billion last year across the six casinos, has not reached pre-pandemic levels again. The robust February 2025 accounted for only 78% of the market's GGR from February 2019. 

Macau has transformed significantly over those six years, mainly due to Beijing. Amid the global pandemic, Chinese President Xi Jinping concentrated on Macau and the large sums of money flowing through the casino hub tax haven, believing that the outflow of capital presented national security threats. 

Following Xi's directive, Macau started to more closely oversee junket groups, the organizers of VIP trips for the mainland's wealthiest gamblers. As junkets escape to find better regulatory environments in other parts of Asia, affluent mainlanders are finding it significantly harder to transfer large sums of money into Macau. 

The six operators have poured tens of billions of dollars into diversifying their opulent resorts designed for wealthy baccarat enthusiasts. Increased family-oriented attractions, non-gaming facilities, concerts, sports events, and cultural sites are intended to enhance tourism in the Special Administrative Region. 

Numerous analysts are not convinced that it will generate sufficient premium mass market players to compensate for the loss of VIPs. After a quiet Chinese New Year, numerous brokerages revised down their 2025 full-year gaming revenue forecasts.

"CreditSights wrote that it expects any additional mass market visitation to Macau to predominantly come from “provinces with lower GDP capita, which may constrain the recovery of GGR per visitor.”

Citigroup reduced its 2025 prediction from 7% to 3% year-over-year growth after an unimpressive holiday season. A three percent increase would result in a 2025 GGR of approximately MOP233.58 billion (US$29.2 billion), equating to 80% of the 2019 figures. 

Roaming Gaze 

Macau's six casino licenses are still highly sought after, yet the evolving regulatory environment has encouraged some gaming giants to consider targeting Thailand's developing market. 

Thailand is anticipated to authorize five casino resorts this year across four cities: Bangkok, Pattaya, Phuket, and Chiang Mai. Executives from Sands, Wynn, MGM, and Melco have all publicly indicated that they are giving thoughtful consideration to Thailand. 

Sands President and CFO Patrick Dumont referred to Thailand as an “incredible tourism location.” Sands manages five integrated resorts in Macau and also operates Marina Bay Sands in Singapore.