Good morning. Year of the Snake off to a bad start. Macau’s gaming performance in January and during the Chinese New Year period was lower than usual, with Citigroup believing last-minute trip cancellations and U.S. tariffs on China were a factor for the downturn. Meanwhile, a Thai opposition party is set to file a no-confidence motion against the government on February 27th vowing to target the administration’s entertainment complex policy. For the Thai Sang Thai Party, the bill is a disguised effort to legalize casinos under the guise of economic development.
What you need to know
- Macau’s 2025 starts slow, but Citigroup expects a recovery by mid-year, with stronger second-half GGR from events and improved sentiment.
- Thai opposition launches a no-confidence debate, accusing the government of disguising casino legalization as an entertainment complex policy.
On the radar
- Sega Sammy reorganizing Gaming, transferring Paradise City shares.
- Macau non-gaming visitor per-capita spending falls 14.6% in 2024.
- Chinese police intensify crackdown on cross-border gambling.
- Fake document scheme could reveal Gov’t employee involvement in hiding POGOs.
AGB Intelligence
MACAU
Disappointing GGR for Macau during CNY as demand shrinks
Macau’s gaming performance in January and during the Chinese New Year period has fallen short of expectations, with Citigroup’s analysts reporting an average daily gross gaming revenue (GGR) of MOP589 million ($73.4 million) in January 2025, which is lower than anticipated. Contributing factors to the weak results include last-minute trip cancellations during the Chinese New Year and U.S. tariffs on China affecting demand.
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