Macau Casino Revenue Rebounds in February, But Market Enthusiasm Slows

Posted on: March 1, 2025, 04:02h. 

Last updated on: March 1, 2025, 04:03h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • Macau casino revenue in February 2025 totaled almost $2.5 billion
  • China’s Lunar New Year holiday disappointed in Macau
  • Macau’s gaming market is amid great change

Macau casino revenue reached MOP19.7 billion (US$2.46 billion) in February, the highest monthly mark since October in what was a much-needed rebound for the six gaming operators in the Chinese enclave.

Macau casino revenue GGR China
Macau’s “Parade for Celebration of the Year of the Snake” attracted many visitors to the Feb. 8 event. Macau casinos fared well on the increased tourism, as gaming revenue for February reached almost $2.5 billion. (Image: Macau Government Tourism Office)

February’s tally marked an 8% premium from January when gross gaming revenue (GGR) totaled $2.27 billion. Last month was almost 7% richer than February 2024 when casino win came in at $2.3 billion.

February benefitted from the Chinese New Year. The national holiday period officially ran from Jan. 28 to Feb. 4, with the February days inclusive of the weekend. Following a disappointing January, the Macau government reported that GGR through two months of 2025 is 0.5% ahead of 2024.

Macau is the only place under Chinese control where slot machines and table games are allowed. The market is capped at six operators, with those licenses held by Sands, Galaxy, Wynn, MGM, Melco, and SJM.

New Year, New Concerns 

Macau, though once again the world’s richest gaming market with gamblers losing $28.3 billion last year to the six casinos, has not returned to pre-pandemic levels. The strong February 2025 represented just 78% of the market’s February 2019 GGR.

Macau has changed dramatically during those six years, largely because of Beijing. During the global pandemic, Chinese President Xi Jinping focused on Macau and the massive amount of money moving through the casino hub tax haven on the belief that the capital outflow posed national security risks.

At the direction of Xi, Macau began more closely monitoring junket groups, the VIP trip organizers that catered to the mainland’s highest rollers. With junkets fleeing for more favorable regulatory conditions elsewhere in Asia, wealthy mainlanders now have it much tougher to move large amounts of cash into Macau.

The six operators have invested tens of billions of dollars into diversifying their lavish resorts that were built with affluent baccarat players in mind. More family-friendly attractions, nongaming amenities, concerts, sports, and cultural venues are designed to promote tourism to the Special Administrative Region.

Many analysts aren’t sold it will deliver enough premium mass market players to make up for the VIP loss. Following a subdued Chinese New Year, several brokerages pulled back their 2025 full-year gaming revenue guidance.

CreditSights wrote that it expects any additional mass market visitation to Macau to predominantly come from “provinces with lower GDP capita, which may constrain the recovery of GGR per visitor.”

Citigroup lowered its 2025 forecast from 7% to 3% year-over-year growth following the discouraging holiday. Three percent growth would bring 2025 GGR to roughly MOP233.58 billion (US$29.2 billion), or 80% of 2019 levels.

Wandering Eyes

Macau’s six casino licenses remain coveted, but the changing regulatory landscape has prompted some of the gaming giants to mull a play for Thailand’s emerging market.

Thailand is expected to legalize five casino resorts this year in four cities — Bangkok, Pattaya, Phuket, and Chiang Mai. Executives at Sands, Wynn, MGM, and Melco have all made public comments expressing at least a careful consideration of Thailand.

Sands President and CFO Patrick Dumont called Thailand an “unbelievable tourism destination.” Along with five integrated resorts in Macau, Sands owns and operates Marina Bay Sands in Singapore.