Macau casino revenue opens January on steady footing, JP Morgan says

Macau’s casino gross gaming revenue reached US$1bn in the first 11 days of January.

Macau.- Casino gross gaming revenue (GGR) in Macau totalled MOP8.05bn (US$1bn) in the first 11 days of January, according to a research note from JP Morgan. That’s an average of MOP731m (US$91m) per day

The figures suggest a steady start to the year and may help alleviate investor concerns about a potential slowdown in demand following weaker performance toward the end of 2025, when average daily GGR was down month-on-month to around MOP620m (US$77m).

JP Morgan said GGR momentum strengthened during the opening days of January, supported by a long weekend over New Year. During the first three days of the month, daily GGR reportedly reached MOP800m (US$99m) before easing to MOP692m (US$86m) per day last week.

Analysts attributed December softness largely to seasonality and unfavourable VIP luck rather than a downturn. Looking ahead, JP Morgan forecasts that Macau’s GGR in January will grow by at least 15 per cent year-on-year, potentially driving first-quarter growth of around 13 per cent. For full-year 2026, the investment bank expects GGR to expand by 5 per cent to 6 per cent, led primarily by mass-market table games and slot machines, which are projected to grow between 7 per cent and 8 per cent.

The VIP segment is expected to contract by around 5 per cent year-on-year, reflecting a high base of performance in 2025 driven by favourable luck factors.

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See also: JP Morgan sees Macau gaming profits surpassing revenue expansion in 2026

Macau’s casino gross gaming revenue reached US$1bn in the first 11 days of January. Macau.- Casino gross gaming revenue (GGR) in Macau totalled MOP8.05bn (US$1bn) in the first 11 days…