China
Macau pockets $623M in GGR in first eight days of February amid pre-CNY slowdown: Citigroup
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Macau’s gaming sector generated about MOP5 billion ($623 million) in gross gaming revenue (GGR) during the first eight days of February, averaging MOP625 million ($77.9 million) per day, according to a research note from Citigroup.
The figure is about 14 percent lower than January’s average daily run rate and suggests a seasonal slowdown ahead of the Chinese New Year holiday. The Chinese New Year travel rush began on February 1st, while tourism activity has remained relatively weak nationwide, as transport volumes typically peak during this period when large numbers of people return home.
 
Analysts at Citigroup said the early-February performance implies a moderation from January’s average of about MOP730 million ($91 million) per day and is also roughly 11 percent below February 2025 levels. The brokerage attributed the softer trend to an ‘unsurprising’ pre-holiday decline in gaming volumes, as some players postponed visits until the peak festive period.
 
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

 

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