Macao’s gross gaming revenue (GGR) totaled 19.66 billion patacas (US$2.45 billion) in March, according to the latest data from the Gaming Inspection and Coordination Bureau (known by its Portuguese initials DICJ).
When compared to the 19.5 billion patacas (US$2.43 billion) from March 2024, this figure represents a growth of just 0.8 percent.
Similarly, there was very little change against February’s GGR of 19.74 billion patacas (US$2.46 billion), with last month’s earnings marking a decrease of 0.4 percent.
The flatness is in line with earlier forecasts made by analysts, including those from Citigroup, who predicted GGR of 19.5 billion (US$2.43 billion), or a recovery of around 75 percent compared to the earnings registered in pre-pandemic March 2019.
March’s performance contrasts with February’s results, which saw GGR rise by roughly 8 percent month-on-month, and by nearly 7 percent year-on-year. That month, however, was bolstered by the eight-day Lunar New Year holiday, which saw an influx of mainland Chinese visitors travelling to Macao.
[See more: US investment bank Jefferies reduces Macao’s 2025 GGR forecast]
According to the SAR government, Macao’s casino industry is expected to earn 240 billion patacas (US$29.9 billion) this year, a growth of 5.8 percent year-on-year.
Earlier predictions made by some analysts had the annual GGR figure at US$30 billion, although the weaker than expected results from the first two months of this year have resulted in forecasts being revised.
US investment bank Jefferies, for example, has cut 2 percent off its original prediction, putting it in line with the government’s traditionally conservative estimate.
Meanwhile, research firm, CreditSights, was cited by gaming specialist publication, Asia Gaming Brief, as saying that Macao’s growth rate was expected to remain at normal levels in 2025, in contrast to the substantial post-pandemic rebounds witnessed in 2024.
Nonetheless, the company said that “the gaming sector remains on solid footing and should continue its gradual recovery as visitation patterns normalise.”
