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.
