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.
- The Star says ability to continue is still a going concern after booking $77.44 million half-year loss and concerns over refinancing.
- Belle Corp reports 17 percent fall in 2025 City of Dreams Manila gaming revenue share but still declares dividend.
On the radar
- Macau creating $2.56B fund to boost economic diversification.
- Philippines weighs Telegram ban over illegal gambling concerns.
- Galaxy eager to use cash-rich position to expand beyond Macau: Chairman.
- Macau issues travel alerts for Iran and Israel after bombings.
- Galaxy pushes for more hotel rooms, for events boost beyond holidays.
AGB Intelligence
MACAU
February GGR tops $2.57B on strong visitation
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.
- Alejandro H. Tengco receives Tourism Leadership distinction at Skål Awards.
- Creedroomz expands “Golden City” tour to SBC Rio and SiGMA Africa 2026.
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