Macao’s gaming industry recorded a gross gaming revenue (GGR) of 18.25 billion patacas (US$2.27 billion) in January, a drop of 5.6 percent in comparison to 2024’s 19.34 billion patacas (US$2.39 billion). That’s according to the latest data from the Gaming Inspection and Coordination Bureau.
January’s GGR is only marginally higher than the previous month’s. Last December, casino earnings fell to 18.2 billion patacas (US$2.25 billion), a drop of 1.3 percent month-on-month or a decline of 2 percent year-on-year.
December saw Chinese President Xi Jinping’s visit to Macao for the handover celebrations, which analysts believe had a negative impact on earnings.
Despite Citigroup analysts’ forecast of a 6 percent year-on-year rise for January and February, January’s performance fell short of expectations.
[See more: Gambling analysts predict a strong start to the year]
The GGR decrease is surprising given that January is a major holiday period that has traditionally seen an influx of visitors travelling to Macao for the New Year and Spring Festival celebrations.
The city’s visitor arrival numbers also gained a boost from the introduction of new multiple-entry visas for Zhuhai and Hengqin residents on 1 January.
For this year, the SAR government expects the casino operators to generate an annual GGR of 240 billion patacas (US$29.7 billion). If this figure comes to pass, it would mark a rise of almost 6 percent against the GGR of 226.8 billion patacas that was registered in 2024.
Not all analysts share the government’s GGR estimates, with some viewing them as overly conservative. CreditSights analysts, as reported by Inside Asia Gaming (IAG), project a 2025 GGR of 245 billion patacas, exceeding the government’s predictions.
