Macau’s gross gaming revenue (GGR) in March 2026 exceeded market expectations, supported by a higher-than-usual win rate and continued solid demand despite ongoing geopolitical uncertainties, according to analysts.
Data showed March GGR rose 15 percent year-on-year to MOP22.6 billion ($2.8 billion), coming in around 4 to 5 percent above both consensus estimates and analyst forecasts. CLSA analyst Jeffrey Kiang attributed the outperformance partly to gaming luck, while noting that underlying demand remained firm.
‘While this may be attributable to above-usual win rate, we still see solid demand for gaming regardless of recent geopolitical tensions,’ Kiang said.
The strong result was also reflected in daily performance trends. Average daily GGR rose to MOP778 million ($96.7 million) between March 23rd and 31st, up from MOP709 million ($88.2 million) earlier in the month, suggesting a stronger finish. However, analysts noted it remains unclear whether the uplift was driven primarily by higher volumes or elevated win rates.
On a normalized basis, average daily GGR for the full month stood at MOP729 million ($90.6 million), broadly stable compared with February levels, indicating steady demand following the Chinese New Year period.
For the first quarter, Macau’s GGR reached MOP65.9 billion ($8.2 billion), up 14 percent year-on-year, pointing to a continued recovery trajectory and potential upside to full-year earnings expectations.
For April, CLSA forecasts GGR to grow 11 percent year-on-year to MOP20.9 billion ($2.6 billion), broadly in line with market consensus, suggesting a more normalized pace of growth.
