Macau’s gross gaming revenue (GGR) is expected to increase 9.7 percent year-on-year in March to MOP21.6 billion ($2.68 billion), supported by solid demand following the Chinese New Year holiday period, according to CLSA.
The forecast implies average daily GGR of MOP696 million ($86.4 million) for the month. CLSA analyst Jeffrey Kiang said this would mark a steady improvement from February and reflect resilient underlying demand. Bloomberg consensus currently indicates 13 percent year-on-year growth for March, equivalent to MOP22.2 billion ($2.75 billion).
February GGR rose 4.5 percent year-on-year to MOP20.6 billion ($2.56 billion), above lowered market expectations, CLSA noted. On a daily basis, February GGR averaged MOP736 million ($91.3 million).
In the six-day period from February 23rd to 28th, daily GGR reached MOP1.05 billion ($130.3 million), 13-19 percent below the MOP1.2 billion to MOP1.3 billion ($148.9 million to $161.3 million) peak recorded during this year’s Chinese New Year period.
CLSA said the strong late-month performance suggests a solid start to March, as premium players increasingly avoid peak holiday crowds. Aggregate GGR for January and February grew 14 percent year-on-year to MOP43.3 billion ($5.37 billion), although this remained 14 percent below the same two-month period in 2019.
In a separate note, Deutsche Bank analyst Steven Pizzella projected March GGR at about $2.65 billion, up 7.7 percent year-on-year. This compares with the Consensus Metrix figure of 10.2 percent growth.
Deutsche Bank estimates first-quarter 2026 GGR of $8.1 billion, up 11.7 percent year-on-year, and full-year 2026 GGR of $32.9 billion, an increase of 6.4 percent.
Good Morning. The Year of the Horse galloped into Macau’s casinos over the Chinese New Year holidays, boosting gross gaming revenue to $2.57 billion, a yearly increase of 4.5 percent. At least part of the 1.55 million visitors during the holiday made their way to the casino floor, lifting prospects for 1Q26. In Australia, The Star is still not out of hot water, as it booked a $77 million loss for the half-year ended in December. Management is still working to cut costs and arrange refinancing to avoid default. In the Philippines, Belle Corp saw a double-digit drop in its share of gaming revenue from City of Dreams Manila in 2025, but still declared a dividend.
What you need to know
Holiday-driven visitation pushed Macau’s February GGR to $2.57 billion, contributing to a 13.9 percent rise in two-month revenue.
Macau’s gross gaming revenue in February hit $2.57 billion, a yearly increase of 4.5 percent, amongst strong visitation during the Chinese New Year holiday. Despite the strong figure, revenue declined by nearly 9 percent from January – which boasted its highest monthly tally since 2019. During the CNY holiday, visitation to the SAR hit 1.55 million, with a new daily record in visitor arrivals on February 19th.
Industry Updates
Melco and Galaxy announce enhanced paid parental leave effective March 1.
Galaxy Entertainment Group is no longer relying on peak seasonal periods to achieve strong visitation and results, leveraging its events to offset typical downturn periods between holidays.
In statements following the release of its annual results, Chief Operating Officer Kevin Kelley indicated that “we have the ability to balance out the year with really significant events”.
The executive highlighted that “we’ve tried to be fairly strategic and not put major events on top of major holidays. That way, we can spread out demand throughout the entire year”.
Concerns have arisen about Macau’s overall tourism capacity, given the record 40.1 million tourists it saw in 2025, and the strain placed on infrastructure during holiday periods or large-scale events.
Kelley noted that “with respect to not wanting to put big events on of of others, there’s really two gaming companies in Macau that could probably do that in scale to create any kind of meaningful challenge”.
This exact scenario took place in October, when Sands China hosted the NBA China Games week and Galaxy held the Jackson Wang concerts on the same weekend.
The executive highlighted that “both of our shows were sold out, the NBA event was a very good success for Sands, and at the end of the day, the city buoyed and I think there was no real significant pinch on the infrastructure”.
The executive furthered that “with the ability to have these non-gaming amenities and to be able to program them the right way throughout the course of the year, it really gives Macau a huge economic lift in terms of being able to do much more throughout the whole year and not have to rely on essentially four or five holidays every year to really continue to grow the business”.
So far, the government has not mandated that operators space out their events to avoid congestion, and Chief Financial Officer Tom Arasi noted that “if you look at the level of world-class talent that ourselves and others are attracting now to Macau, it’s not like we can dictate which out of the 365 days a year […] We need to acclimate to when they want to come in and then manage”.
The executive noted that the question now is “whether we can hold on to the customer, because it’s not easy to bring in such celebrities, superstars”.
Management noted that Galaxy is always requesting that the government allow for “more hotel rooms to be built”, helping to “hang on to the customer who wants to come for a show, but can stay for a day or two”, noting “that would not only benefit ourselves but also the other parts of the community too”.
The Star Entertainment Group indicated on Monday that ‘there remains material uncertainty regarding the Group’s ability to continue as a going concern’, as it announced a AU$109.7 million ($77.44 million) loss for the fiscal half-year ending December 31st, 2025.
After significant management shifts at the end of last year, the group’s CEO Bruce Mathieson indicated that its focus now is on restructuring, cutting costs and boosting marketing to attract new customers, even as it continues to seek out ways to refinance its debt.
The group highlighted that ‘overall trading results remain at historical lows’, amongst a 10 percent drop in net revenue to AU$585 million ($412.95 million), on the back of an 18 percent drop in gaming revenue ‘which was impacted by continued challenging trading conditions (casino industry reforms) and loss of market share’.
The group gaming revenue decrease ‘also reflects the closure of the Treasury Brisbane Casino in August 2024’. Excluding the Treasury Brisbane Casino closure, the group notes that gaming revenue declined 9 percent, ‘largely due to a decline in Table Games revenue’.
Despite the lower revenue, the group managed to decrease its EBITDA loss from about AU$26 million ($18.35 million) in fiscal 1H25 (ending December 31st, 2024) to AU$7.6 million ($5.36 millon).
Spinning plates
As at the end of December 2025, the group only had available cash of AU$130 million ($91.77 million).
The group in early October received the final tranche of the AU$300 million ($211.77 million) strategic investment from Bally’s Corporation and Investment Holdings Ltd as part of its takeover and restructuring, with Bally’s now holding 38 percent of The Star’s issued capital and Investment Holdings owning 23 percent.
On February 26th the group indicated that it had executed a term sheet with WhiteHawk Capital Partners to potentially refinance all of the group’s debt and provide ‘incremental liquidity’, however the term sheet is non-binding ‘and may not lead to a definitive credit agreement’. The Star and WhiteHawk ‘are working towards a binding commitment by the end of March 2026, and to consummate the Refinancing Proposal by mid-May 2026’.
The day after the announcement, The Star indicated that it received a waiver on covenant tests under its Senior Facility Agreement – which it has been trying to pay down by offloading assets, including Treasury Brisbane Casino. However, ‘the Group will need to provide a refinancing commitment letter by 31 March 2026 and execute a refinancing of the SFA by 15 May 2026, to avoid a default under the terms of the SFA’.
‘The focus on liquidity remains a key priority for The Star, including management of the Company’s existing debt facilities and refinance alternatives’, highlighted the company.
Looming questions
Amongst the restructuring, the group is aiming to cut costs by streamlining its corporation operations, shifting ‘essential support functions’ from its corporate office to the ‘property level in Sydney, Gold Coast and Brisbane’.
The group is still in the process of exiting its joint venture with Chow Tai Fook Enterprises (CTFE) and Far East Consortium International (FEC) for Queen’s Wharf Brisbane. However, it did receive its AU$5 million ($3.53 million) fixed operator fee per month for operating The Star Brisbane during the half-year period. Part of the joint venture exit includes the consolidation of its Gold Coast property.
Queen’s Wharf Brisbane, The Star Brisbane
The exit from the Destination Brisbane Consortium (DBC) joint venture is still dependent on the group being released from its parent company guarantee of approximately AU$0.7 billion ($0.5 billion) in drawn debt for the DBC project by its JV partners. ‘While positive progress has been made in satisfying the conditions precedent’, these ‘were not met by the original sunset date of 30 November 2025 and as a results the JVPs (joint venture partners) may elect to terminate the JVP transaction’.
Looking ahead, questions still remain.
‘The reinstatement of The Star Sydney’s casino license and withdrawal by the Queensland Government of the deferred suspension of The Star Gold Coast’s casino license are critical to improving performance, attracting and retaining the best people and ensuring ongoing access to capital’, notes the company.
A further looming concern is the timing and quantity of an expected penalty from the nation’s financial watchdog, AUSTRAC, linked to prior AML/CTF breaches. However, the group has noted that such an outcome is not expected to affect its potential refinancing with WhiteHawk.
The swift shifts in management and cost-cutting initiatives, alongside financial weight behind its new investors, could help offset fiscal concerns long enough for the group to regain its financial footing.
The group’s CEO sought to assuage investors of the company’s future, noting “we have immense potential in our properties, and we are committed to transforming The Star into premier entertainment destinations’.
The Macau Government Tourism Office (MGTO) has issued a travel alert for both Iran and Israel, due to ‘security risks’ amongst the ongoing escalation in the Middle East.
Authorities have urged residents in both countries ‘to stay vigilant for safety and leave the country as soon as possible’.
Due to the security situation, the travel alert for Iran was adjusted to Level 3 on February 28th. The alert level was raised to 3 for Israel on March 1st.
The Chinese embassy in Israel is currently working to evacuate its citizens, including residents of Hong Kong, Macau and Taiwan from Israel.
China called for ‘an immediate stop to military actions’, for ‘no further escalation of the tense situation’ and ‘efforts to uphold peace and stability in the Middle East’ after the military strikes by the US and Israel against Iran.
Flight connections to the Middle East and numerous other locations have been disrupted due to the recent bombings initiated by the United States and Israel, with retaliatory bombings targeting numerous countries in the Middle East and extending into Europe.
The United States president has pledged to continue to strike Iran until ‘all’ goals are achieved. The strikes have already resulted in the death of the nation’s Supreme Leader Ayatollah Ali Khamenei, as well as at least 150 people, including children. Retaliatory strikes by Iran have already claimed multiple lives, including in the UAE.
The Gulf Cooperation Council – including the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait – has condemned the bombings by Iran, accusing the nation of violating their sovereignty and breaking international law.
ELA Games has launched its latest slot, Rapid Wild, a neon-soaked experience that drops players straight into a high‑stakes arena where arcade nostalgia meets fast, buzzing gameplay.
An Electrified Retro Slot
While ELA Games has established a distinct reputation for games centered around immersive worlds and character-based stories, Rapid Wild aims to show the team’s versatility and bring its players uncompromising slot action. Bathed in an electric violet glow, the game has a sleek, retro aesthetic. Gold bars, lucky dice, and burning jackpots pulse across the 5×3 grid, creating a dynamic environment for players who love arcade-style action with a heavier punch.
At the heart of Rapid Wild is a mission to hunt the Crazy Hot symbols. The process is straightforward but rewarding: the more symbols that land on the reels, the higher the jackpot climbs. Players who can handle the heat and successfully fill the board will claim the ultimate prize before the fire fades.
Explosive Free Games and Supercharged Wilds
The traditional slot gameplay gets amplified with an authentic set of features. Landing Scatters triggers the bonus round, awarding 8, 16, or 25 Free Games depending on the number of triggering symbols.
During these spins, the true power of the Wilds is unleashed:
Multiplier Wilds: Double (x2) and Triple (x3) Wilds hit the reels to supercharge payouts.
Sticky Wilds: These symbols cling to the grid for two additional spins to lock in your luck.
Macau’s Galaxy Entertainment Group is keen to make use of its cash-rich position to expand into the overseas market but is waiting for clear guidance on prospects to choose which location is best for a future integrated resort.
In statements at the group’s results release briefing last week, Chairman Francis Lui highlighted that for now it’s “a little bit too early” to decide if the Aichi prefecture – which is possibly planning a bid for an IR license – could be attractive.
The executive highlighted that “Japan is a rich country” with one of the world’s top economies and is “a really good market to be in”.
However, Lui noted “we need to understand where the locations are, what they have and who the partner is going to be”.
The chairman also noted that “we have to wait for Tokyo to come in”.
“We’re sitting on the fence. We’re very, very interested, but we need to know a little bit more about what’s going on first before we decide that we want to go in,” noted Lui.
“Japan, in itself, is going to be a very attractive proposition,” said the Galaxy chairman.
UAE a possibility, Thailand on the back burner
Francis Lui noted that the group is sitting on healthy cash and investment liquidity, with some HK$36.3 billion ($4.64 billion), so “we hope that with a very healthy balance sheet we would be able to develop these large projects” overseas.
Speaking of the Middle East, Galaxy’s chairman indicated that it was keeping its ear to the ground on possible developments beyond Wynn’s Al Marjan Island IR in Ras Al Khaimah. The UAE has floated the idea of a possible IR per emirate, and given Galaxy’s scale and cash-rich position it could be a strong contender.
“For any project, so long as it can help the future development of GEG, we certainly will consider such opportunities. We have never given up on any opportunity that was suitable for us,” highlighted Lui.
For Thailand, such an opportunity may be a long time coming, given the political shifts that distanced the expected legalization of entertainment complexes with casinos in the nation. Lui indicated that, due to the political changes, “we have to wait for a few more years before we put it back on the agenda”.
However, “Thailand is a very good tourism destination,” noted Lui.
Given its ongoing work on Phase 4 – scheduled to open in 2027, the chairman noted that the company “still needs some cash on hand to ensure completion”, before turning to new prospects outside of Macau.
“Looking around the whole of Asia, I don’t think that there’s any other place that is more attractive than Macau,” lauded Lui.
Belle Corporation, the Philippine-listed parent company of Premium Leisure Corp. and landlord of City of Dreams Manila, reported a 17 percent year-on-year decline in its gaming revenue share from the integrated resort in 2025.
According to its audited financial statements submitted to the Philippine Stock Exchange, Belle’s gaming revenue share, net for the year ended December 31st, 2025, amounted to PHP1.9 billion ($32.91 million), compared with PHP2.29 billion ($39.66 million) in 2024.
The company derives this income through its interest in Premium Leisure Corp. and its entitlement to a share of casino revenues generated at City of Dreams Manila under its operating arrangements.
Total consolidated revenues for 2025 reached PHP5.29 billion ($91.62 million), down from PHP5.89 billion ($102.01 million) a year earlier. Net income for the year stood at PHP2.11 billion ($36.54 million), compared with PHP2.43 billion ($42.09 million) in 2024. Earnings attributable to equity holders of the parent amounted to PHP2.10 billion ($36.37 million).
Despite the lower gaming contribution, Belle’s board approved the declaration of a cash dividend of PHP0.06 ($0.001) per share. The record date is set for March 13th, 2026, with payment scheduled for March 27th, 2026.
Belle’s revenue base continues to be anchored by lease income and gaming revenue share. The auditors’ report noted that lease income and share in gaming revenue accounted for approximately 80 percent of total revenues in 2025, highlighting the continued importance of its Entertainment City assets to overall performance.
In a separate disclosure within the same filing, Belle provided an update on its proposed new integrated resort project in Clark, Pampanga. The group, through subsidiaries of Premium Leisure Corp., previously applied for a gaming license from PAGCOR in July 2024. On February 5th, 2026, it requested the inclusion of Premium Leisure Corp. and the parent company as co-licensees, a move described as intended to strengthen the project’s development and operational capabilities. The request remains under regulatory assessment.
Belle has previously signaled its intention to develop an integrated casino resort in Clark as part of a broader strategy to expand beyond Entertainment City and diversify its gaming portfolio.
The Philippine government is weighing a potential ban on Telegram as authorities raise concerns over illegal content and cybercrimes, including online gambling and sexual exploitation.
Telegram is a widely used messaging app that has gained popularity in the iGaming community.
According to a report by local media outlet Manila Bulletin, the Department of Information and Communications Technology (DICT), the country’s telecommunications and digital policy regulator, confirmed it is studying the move following reports that illicit operators have shifted their activities to the messaging platform.
DICT Secretary Henry Aguda said that illegal gambling groups have reportedly migrated to Telegram to evade detection. He also cited the spread of pornographic content, online sexual abuse, and the exploitation of children as key concerns. Aguda stated that these issues are “non-negotiable” and warned that the government would block platforms if violations persist.
According to Aguda, the agency has encountered difficulties coordinating with Telegram, which is based in Russia, making the enforcement of local regulations challenging. “If we see that the situation remains widespread and unchanged, we are studying the option of banning it,” he said, adding that he would push for blocking the platform if further incidents occur.
The DICT has also engaged with Meta to address similar issues across its social media platforms. Aguda said discussions with Meta centered on curbing online sexual abuse and exploitation of children, emphasizing that authorities would take firm action if violations continue.
The agency is coordinating with the Philippine National Police and the National Bureau of Investigation as part of a broader crackdown on illegal online gambling networks and cybercrime offenders.
No final decision has been announced. However, officials indicated that a ban remains under consideration if Telegram fails to cooperate with government efforts.
The Macau SAR government plans to establish a MOP20 billion ($2.56 billion) government guidance fund this year to support economic diversification, with an initial MOP11 billion ($1.41 billion) injection from accumulated fiscal reserve returns and the remainder to be raised from social capital.
Speaking at a press conference on February 27th, Secretary for Economy and Finance Tai Kin Ip said the fund is designed to align with the central government’s upcoming 15th Five-Year Plan and to play a leading role in fostering emerging industries and accelerating industrial upgrading.
Secretary for Economy and Finance Tai Kin Ip
The fund is expected to attract and guide private capital into key sectors, including emerging industries, industrial transformation and upgrading projects, technology commercialization initiatives, and early-stage technology enterprises. It will also focus on projects aligned with national strategies, technological innovation, and livelihood improvement, while supporting coordinated development between Macau, Hengqin, and the Greater Bay Area.
Tai said the fund will adopt a long-term investment approach and a “patient capital” philosophy, aiming to cultivate industries capable of generating sustainable contributions to Macau’s economy. The initiative is also intended to attract high-quality enterprises and professional talent to Macau and neighboring Hengqin, create more diversified employment opportunities, and strengthen regional collaboration.
Simon Vong Sin Man, chairman of the Monetary Authority of Macau, said the decision to inject MOP11 billion was based on a comprehensive assessment of Macau’s diversification needs, the impact on fiscal reserves, and the long-term development requirements of emerging industries. He noted that the fund will not involve a one-time large-scale capital deployment and is expected to leverage additional private investment over time, potentially expanding total mobilized capital beyond the initial MOP20 billion ($2.56 billion) target.
The government aims to complete the establishment of the fund within the year and begin selecting professional fund managers, Tai said. A dedicated management entity will oversee daily operations under market-oriented principles. Tam Chi Neng, advisor to the Office of the Secretary for Economy and Finance, said the fund will be supervised by the Chief Executive and supported by a guidance committee comprising government officials, industry professionals, academics, and sector representatives to advise on strategic direction and major decisions.
Separately, Chan Chou Weng, deputy director of the Economic and Technological Development Bureau, said early-stage innovation typically carries higher commercial risk and is less likely to attract market capital, and therefore is often supported through grants. The new guidance fund, he said, is intended to support projects that have reached a stage suitable for commercialization.
The initiative comes as the Macau government continues efforts to reduce the city’s reliance on the gaming industry. However, gaming-related income remains the dominant source of public revenue. In January this year, the Macau SAR government recorded total public fiscal revenue of MOP9.63 billion ($1.2 billion), of which gaming-related taxes accounted for approximately 85 percent.
