Based on industry sources cited in the note, VIP gaming volumes fell by around 12-14 percent month-on-month, while mass-market GGR declined by approximately 11-13 percent. Citi added that VIP hold rates appeared broadly normal during the period, suggesting that the weaker revenue was driven mainly by lower volumes rather than unfavorable luck.
Despite the softer start to the month, Citigroup maintained its full-month February GGR forecast at MOP20.5 billion ($2.56 billion), representing year-on-year growth of about 4 percent. This implies an average daily GGR of roughly MOP775 million ($96.6 million) for the remainder of the month.
The brokerage also kept its combined January–February GGR estimate unchanged at MOP43.1 billion ($5.37 billion), pointing to projected year-on-year growth of 13.5 percent after adjusting for the different timing of the Chinese New Year compared with last year.
The early-February revenue data came as border activity surged in Macau. On February 7th, the Public Security Police reported a record 867,000 cross-border movements in a single day, the highest on record. Of these, 40 percent were visitors, with the city welcoming about 174,000 tourists that day.
Traffic at the Border Gate checkpoint also reached nearly 463,000 crossings, marking the highest single-day passenger flow in five years and the strongest since the pandemic period.
Dingnews.com 10/02/2026