Macau’s gross gaming revenue (GGR) continued to show solid momentum in late January, with month-to-date performance as of January 26th tracking ahead of historical pre-pandemic seasonal patterns, according to a recent report by UBS.
Based on channel checks cited by the brokerage, Macau’s GGR averaged approximately MOP712 million ($88.8 million) per day on a month-to-date basis, representing an increase of about 21 percent year-on-year and around 6 percent month-on-month. UBS noted that this compares favorably with the typical 2015–2019 seasonal trend, which historically showed a month-on-month increase of around 2 percent during the same period.
The outperformance was supported by broad-based growth across gaming segments. In its note, UBS said mass-market GGR was estimated to have increased by around 6 percent to 8 percent month-on-month, while VIP volumes were also up approximately 6 percent to 8 percent compared with December levels.
The sustained daily run-rate indicates that January demand has remained resilient outside peak holiday periods. This also shows a recovery from December, when year-end festive season activity fell short of forecasts.
Ahead of the Chinese New Year, UBS said 27 of the 32 hotels it tracks were sold out during the holiday period, broadly unchanged year-on-year, suggesting visitation levels have been sustained into February.
Separately, Citigroup said Macau’s gaming revenue outlook for the combined January–February period remains unchanged.
‘Our Jan–Feb combined GGR forecast remains unchanged at MOP42.0 billion ($5.24 billion), implying a 10.5 percent year-on-year growth,’ Citigroup analysts said in a note.
Chinese New Year can fall in either January or February depending on the lunar calendar, which can significantly shift gaming volumes between the two months. As a result, analysts often assess the combined January–February period to better capture underlying demand trends without seasonal distortion. This year, the Chinese New Year falls on February 17th, with February 15th to 23rd widely viewed as the Chinese New Year Golden Week.
