In February 2025, Macau experienced a significant uptick in its gross gaming revenue (GGR), reaching MOP19.74 billion (approximately USD 2.46 billion). This marked a 6.8% increase from the previous year, driven largely by the festivities surrounding the Chinese New Year, which included the Golden Week holiday, a prime time for tourism and gaming in the region.

According to Macau Business, the rise in February’s GGR can be attributed to the Chinese New Year Golden Week, which extended from January 28 to February 4. This period typically sees a surge in visitors from mainland China, Macau’s largest source of tourists, and this year was no exception. The end of this festive season coincided with the start of February, bolstering the month’s financial outcomes.

Macau’s performance in February also represented an 8.1% increase compared to January 2025’s GGR, highlighting a positive shift after a slower-than-expected start to the year. The February figure not only underscores a month-to-month improvement but also sets a new high since October, illustrating a robust recovery trajectory.

Yearly Growth Perspectives

Analysts have adjusted their expectations for Macau’s annual GGR, projecting growth to be between 4% and 9% for 2025. This revised forecast reflects the ongoing recovery efforts post-pandemic and the impact of consistent tourist inflows from the Chinese mainland. Interestingly, the February GGR achievement reached 77.8% of the pre-COVID February 2019’s GGR of MOP25.37 billion.

Industry experts note that the increase in tourism and gaming revenue this February has set a positive tone for the year, particularly after the initial disappointment in January’s figures. This rebound suggests that while the start of the year was tentative, the subsequent months could see sustained growth, assuming continued ease in travel restrictions and stable economic conditions in the region.

Implications for the Macau Gaming Sector

Despite the upbeat performance in February, some industry observers remain cautious. Recent assessments by financial analysts like CreditSights Inc suggest that while there is potential for increased visits from provinces with lower GDP per capita, these might not significantly boost the overall post-pandemic recovery to pre-crisis levels. This perspective was mirrored by Seaport Research Partners, which noted a decline in Golden Week GGR compared to past years.

February’s performance in Macau’s gaming sector, though promising, brings to light the complex dynamics of recovery in a post-pandemic era. The results from this period have not only provided a much-needed boost to operator confidence but have also highlighted the ongoing challenges in fully recuperating to pre-pandemic prosperity levels. As 2025 progresses, the sector remains under scrutiny, with stakeholders keenly watching the interplay between economic policies, tourist behavior, and regional stability.