Macau opened the year with higher casino takings, adding to signs of a broader economic recovery that continued through the end of last year. Official data released by the city’s gaming and statistics authorities point to gains in both gambling revenue and overall output, supported by rising visitor numbers and firmer domestic demand.

In January, casinos in Macau generated just over MOP22.63 billion (US$2.81 billion) in gross gaming revenue, according to figures issued by the Gaming Inspection and Coordination Bureau and cited by GGRAsia. The total marked a 24.0 percent increase from the MOP18.25 billion recorded in January 2025. Compared with December’s MOP20.89 billion, revenue rose by about 8 percent, reflecting a solid start to the year for the industry.

Bank analysts also highlighted the pace of activity during the month. In a January 26 memo, JP Morgan described Macau GGR as “steady and solid” across the first 25 days, estimating daily revenue at an average of MOP712 million.

January casino revenue reflects sustained momentum

The January performance followed a full-year total of MOP247.40 billion in 2025, which industry data showed was 9.1 percent higher than the previous year and the strongest annual result since the onset of the Covid-19 pandemic in early 2020. Before travel restrictions disrupted the market, Macau’s casinos had generated just under MOP292.46 billion in 2019.

Looking ahead, the local government has set a cautious tone for the current year. In November, officials projected that 2026 casino revenue would reach MOP236 billion under the city’s fiscal budget plan. Speaking at the Legislative Assembly shortly after the forecast was released, Secretary for Economy and Finance Tai Kin Ip called the estimate “prudent”, citing Macau’s exposure to developments in “international economies”.

Industry watchers also noted that January’s outcome came after a strong opening to the month, supported by an improved VIP win rate and favorable visa and money exchange conditions. Analysts expect easier year-on-year comparisons to support growth during the first half of 2026.

Economic output gains into the end of 2025

Beyond the casino floor, economic indicators showed continued improvement late last year. Preliminary figures from the Statistics and Census Service showed that Macau’s gross domestic product rose by 7.6 percent year-on-year in the fourth quarter of 2025, reaching MOP115.39 billion (US$14.24 billion). The agency said the economy made ‘steady progress’ during the period, with output amounting to 94.1 percent of the level seen in the same quarter of 2019.

Visitor activity played a central role. A 15.4 percent rise in arrivals helped lift the total export of services by 9.8 percent compared with a year earlier. The statistics bureau attributed the increase to ‘numerous large-scale events’ alongside ‘government efforts to attract visitors’.

Consumption and investment trends remain mixed

Domestic demand also contributed to fourth-quarter growth. Private consumption expenditure increased by 1.1 percent, and government consumption expenditure advanced by 1.3 percent from a year earlier. Investment activity showed modest improvement, with gross fixed capital formation rising by 0.9 percent over the same period.

For the full year, Macau’s preliminary GDP reached MOP417.28 billion (US$51.5 billion), reflecting growth of 4.7 percent from 2024. Even with tourist arrivals surpassing 40 million and setting a new annual record, overall economic output remained below pre-pandemic highs, amounting to 89.6 percent of the level recorded in 2019.

Taken together, the January gaming figures and late-2025 economic data suggest that Macau entered the new year with firmer footing, supported by tourism-driven services, gradual gains in consumption, and continued reliance on the casino sector as a core source of activity.