Macau’s casino industry recorded year-on-year growth in February, supported by heightened visitation during the Chinese New Year holiday period, according to official data released by the city’s gaming regulator.

Figures published by the Gaming Inspection and Coordination Bureau (DICJ) and cited by GGRAsia show that gross gaming revenue (GGR) for February totaled MOP20.63 billion (US$2.56 billion). The result marked a 4.5 percent increase compared with the same month a year earlier.

Despite the annual gain, February revenue fell short of January’s performance. Casinos generated MOP22.63 billion in January, making February’s tally 8.9 percent lower on a sequential basis. January’s figure represented the strongest January outcome since 2019.

Holiday Surge Drives Visitor Numbers

The February reporting period included the Chinese New Year Golden Week holiday, which began on February 15 and concluded on February 23. Chinese New Year itself fell on February 17. Mainland China, Macau’s largest source of visitors, observed a nine-day holiday spanning February 15 to February 23 inclusive.

Preliminary data from the Macao Government Tourism Office indicates that more than 1.55 million visitors arrived in the city during the nine-day break. Authorities reported that both the average daily visitor count and the highest single-day arrival figure set new records for the holiday period since officials began tracking such data.

Average daily arrivals reached 173,000, exceeding levels seen in 2019. Mainland travelers accounted for 1.21 million of the total, with a daily average of 134,000 visitors from across the border. On February 19, the third day of the Lunar New Year festivities, single-day arrivals surpassed 228,000, establishing a new daily high.

Analysts had anticipated that February would benefit from the timing of the holiday. The concentration of visitors during Golden Week typically supports casino play along with spending on hotels, dining, and retail.

Mixed Start to Golden Week

Industry observers noted that gaming activity during the holiday period varied between its early and later stages. According to a late-February research note from JP Morgan Securities (Asia Pacific) Ltd, the break “kicked off sluggishly, with the first four to five days running at circa MOP450 million per day”.

The same note added: “But from day six onward, activity surged sharply with GGR breaking past MOP1.2-billion per day, implying +10 percent to +15 percent year-on-year.”

Other analysts also commented on the uneven pattern. Citigroup, following a survey of Macau casino floors during the holiday, said it observed wagering volumes roughly 17 percent higher than during the previous Chinese New Year period. Earlier forecasts from Citigroup had projected February GGR at around MOP20 billion, a level broadly in line with the official outcome.

Market watchers had cautioned that the first half of Golden Week appeared relatively subdued for Macau’s concessionaires, with stronger momentum emerging toward the latter part of the break. As a result, February’s overall revenue performance depended heavily on the final days of the holiday stretch.

Year-to-Date Performance and Historical Comparison

For the first two months of 2026 combined, Macau’s casinos generated MOP43.26 billion (US$5.38 billion) in gross gaming revenue. That figure represents a 13.9 percent increase compared with the same period in 2025.

Even with the year-on-year improvement, the industry has yet to return to pre-pandemic benchmarks. In the first two months of 2019, Macau recorded GGR of MOP50.31 billion (US$6.26 billion). The current year-to-date total remains 14 percent below that level.

The February data underscores the continued importance of mainland visitation patterns and holiday timing in shaping monthly revenue outcomes. While the Chinese New Year period delivered record-breaking tourist arrivals, revenue growth for the month remained moderate on an annual basis and declined compared with January’s elevated base.