Good Morning. Macau ended 2025 on a positive note, with expectations that the sector registered 15 percent GGR growth, boosted by strong VIP/premium mass play. Slow overnight base mass continues to be a problem, however, and increased costs and player reinvestment programs weigh down the gains seen from smart table efficiency and increased baccarat side bets. Looking to the Philippines, Okada Manila saw a lackluster performance last year, with GGR down 20 percent yearly, and a significant drop in VIP play only partially offset by steady mass and slot results.
What you need to know
- Macau saw fourth quarter GGR rise by 15 percent, according to Seaport analysis, but stock valuations remain low.
- Weak VIP performance dragged Okada Manila’s 2025 GGR down 20 percent yearly, despite steadier mass-market tables and slot revenue.
On the radar
- Cambodia strengthens foreign residency regulations to enhance tourism.
- Vietnam Deputy PM: streamline tourism measures to hit 25M target.
- PH lawmaker: amend Bank Secrecy Law to curb money laundering.
- China launches antitrust probe into Trip.com over alleged market abuse.
- Macau gaming stocks to face headwinds in 2026, prompting caution: BofA.
AGB Intelligence
MACAU
4Q25 GGR up 15% y-o-y, boosted by VIP/premium play
Macau’s fourth quarter results are likely to be in line with expectations, boosted by strong VIP/premium play but weighed down by increased costs and player reinvestment programs. Estimates now are for 7 percent GGR growth for this year and 2027. Meanwhile, stock price performance has been underwhelming, prompting downgrades by Seaport Research on five of Macau’s operators, with Galaxy the only exception.
Industry Updates
- ZITRO promises a truly “JUST DIFFERENT” experience at ICE Barcelona.
- QTech Games launches QTechLabs to strengthen data‑driven collaboration.
- BETBY unveils Carlsen vs Nakamura blindfold exhibition match at ICE 2026.
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