Key points:
- February GGR reached MOP19.74bn, up 6.8% year-on-year, with an 8.2% increase from January’s total of MOP18.3bn
- Total GGR for the first two months of 2025 reached MOP38.0bn, a 0.5% increase from the same period last year
- Golden Week gaming revenue was MOP6.24bn, down 1% from 2024 and 8% below pre-pandemic 2019 levels
Macau’s February gaming revenue of MOP19.74bn ($2.46bn) reflected a stronger month compared to January, which recorded MOP18.3bn.
The increase was widely expected due to the Chinese New Year holiday, which boosted both gaming and non-gaming spending.
Industry analysts had projected that February’s GGR would improve from January, although initial concerns were raised due to weaker-than-expected Golden Week performance.
Official data from Macau’s Gaming Inspection and Coordination Bureau (DICJ) shows that Golden Week gaming revenue reached MOP6.24bn, a 1% decline from 2024 and 8% lower than 2019 levels.
First two months of 2025 show marginal growth
For the first two months of 2025, Macau’s total GGR reached MOP38.0bn, reflecting a 0.5% increase compared to the same period in 2024. This slight rise follows January’s 5.6% decline, which marked the second consecutive month of revenue contraction.
Despite the February rebound, some analysts have lowered their annual forecasts for Macau’s gaming market, citing ongoing market adjustments, economic pressures and regulatory constraints.
Estimates for full-year GGR growth in 2025 now range between 4% and 9%, depending on how the industry performs in the coming months.
Macau property market faces declining valuations
Alongside developments in Macau’s gaming industry, Macau Property Opportunities Fund Limited (MPO) reported a 2.4% decrease in portfolio value, bringing its total holdings to $126m as of 31 December 2024. The fund’s adjusted net asset value (NAV) declined 13.8% to $57m, while IFRS NAV fell 3.2% to $44.9m.
The fund has remained in a divestment phase since 2018, aiming to reduce debt through active property sales. In the second half of 2024, MPO sold five units at The Waterside for a total of $11.5m, with one additional sale expected to complete in March 2025. At The Fountainside, two villa sales were completed at a 46% premium over the original costs.
Chairman Mark Huntley has been vocal about his concerns that Macau’s real estate market remains subdued, despite continued economic recovery in gaming and tourism.
The fund’s management has prioritised debt reduction and property disposals, with an additional $2.7m in loan repayments scheduled for March 2025.
Market outlook and industry developments
Looking ahead, analysts remain divided on Macau’s long-term gaming revenue trajectory. The Macau government has set a GGR target of MOP240bn for 2025, but market conditions suggest a slower-than-expected recovery.
Recent trends indicate that VIP gaming continues to decline, while mass-market gaming now contributes over 77% of total revenue. Stricter regulations on junkets and financial transactions have reshaped Macau’s gaming environment, forcing casinos to focus more on premium-mass and general tourist segments.
The latest figures follow January’s 5.6% decline, which came after a 2.0% drop in December 2024 – marking the first negative monthly growth since 2022. While analysts initially projected a more stable Q1 2025, continued regulatory challenges and shifting market conditions suggest that Macau’s gaming sector may face a more gradual recovery than previously anticipated.
