Macau’s pre-CNY GGR slows but combined Jan-Feb still shows solid growth, Citi says

Analyst say year-on-year momentum remains intact ahead of Chinese New Year.

Macau.- Analysts at Citigroup have reported that Macau’s casino gross gaming revenue (GGR) has started to show signs of the customary pre-Chinese New Year (CNY) slowdown. Citi cited estimated GGR for the first eight days of February at MOP5.0bn (US$621m), equating to a daily run-rate of around MOP625m. That’s 14 per cent lower than January and 11 per cent below the daily rate seen in February 2025.

George Choi and Timothy Chau attributed the softer performance largely to seasonal gaming demand patterns ahead of CNY, which runs from February 15 to 23. Industry sources pointing to VIP volumes down 12–14 per cent month-on-month and mass GGR declining by 11–13 per cent. They emphasised that hold rates remain in line with normal expectations.

Citi reaffirmed its February GGR forecast of MOP20.5bn (US$2.55bn), a figure that would represent about 4 per cent year-on-year growth. For January-February combined, the bank maintained its projection at MOP 43.1bn, a 13.5 per cent increase compared with the same period in 2025.

The Gaming Inspection and Coordination Bureau (DICJ) reported that Macau’s gross gaming revenue (GGR) was MOP22.63bn (US$2.81bn) in January. That’s an increase of 24 per cent in year-on-year terms and 8.4 per cent from December 2025. It was the highest January total since 2019, before the Covid-19 pandemic.

Maria Helena de Senna Fernandes, the director of the Macao Government Tourism Office (MGTO), said that the city expects a daily influx of 158,000 to 175,000 arrivals during this year’s Chinese New Year holiday period. She said Macau is likely to receive between 1.4 and 1.5 million tourists over the nine-day Lunar New Year period. That would surpass last year’s tally of 1.31 million amid a longer holiday period and a 5 per cent yearly increase in Macau’s budget for entertainment.

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See also: MGM China reports sustained demand in Macau ahead of Chinese New Year

Analyst say year-on-year momentum remains intact ahead of Chinese New Year. Macau.- Analysts at Citigroup have reported that Macau’s casino gross gaming revenue (GGR) has started to show signs of the customary pre-Chinese New Year (CNY) slowdown. Citi cited estimated GGR for the first eight days of February at MOP5.0bn (US$621m), equating to a daily…