Macau Gaming Revenue Outpaces Expectations, Six Casinos Win $2.8 Billion
Posted on: February 1, 2026, 09:41h.
Last updated on: February 1, 2026, 09:41h.
- Macau gaming revenue topped analyst projections in January 2026
- Casinos reported gross gaming revenue of $2.8 billion for the month
- Higher operating costs are cutting into the higher gaming numbers
Macau gaming revenue exceeded analyst expectations to begin the new year, with the six casinos collectively winning MOP22.63 billion (US$2.8 billion).
Analysts projected that the Chinese Special Administrative Region (SAR) would see January win grow somewhere between 15% to 20% from January 2025. Last month’s $2.8 billion tally marked a 24% gain on the prior year.
January was the lone month last year where gross gaming revenue (GGR), referred to as “games of fortune” in the enclave, was down year-over-year. The 11 following months pushed the world’s richest gambling hub to its best annual mark since 2019.
Observers credited favorable money exchange rates and an improved VIP outcome for the city’s strong January result.
Higher Gaming, Higher Costs
2025 was the best year in terms of gaming in Macau since the COVID-19 pandemic. The casinos successfully pivoted from the high roller to the premium mass and mass public customer. But the resorts also continue to invest heavily in nongaming projects, as mandated by their 2022 license extensions.
Though gaming was robust in 2025, higher costs for employees, services, and goods, paired with the nongaming expenditures, hampered the casino operators’ bottom lines. Las Vegas Sands, which has the largest market share in Macau through its subsidiary Sands China, saw its shares tumble last week after reporting disappointing earnings before interest, taxes, depreciation, and amortization (EBITDA) in Macau.
Company officials cited the increased reinvestment in Sands’ properties, heightened payroll costs, and a lower non-rolling hold percentage.
Macau delivered $608 million of EBITDA for the quarter, and we are disappointed with that EBITDA number,” said Las Vegas Sands Chair and CEO Robert Goldstein. “Macau is driven by the premium segment, which is a highly competitive market. There may be a day when base mass recovers, and we will excel when that day comes, but until then, we will continue to focus on our ability to make the assets work harder to achieve $700 million per quarter.”
The $608 million in EBITDA represented Sands China’s lowest profit margin since the fourth quarter of 2024. Goldstein said Sands’ Macau properties “will deliver better results in 2026.”
HSBC Global Research projects that 2026 gaming revenue will increase around 8% for the full year, or $32.65 billion.
Gamblers Betting More
In a note regarding the January numbers, investment bank Citigroup said a survey of premium mass players found that they’re betting more on baccarat. The financial services group reported that premium players increased their wagers by 25% year-over-year.
Citigroup cited aggressive marketing from the casinos and the city’s hosting of major K-pop acts. While hosting such A-list concerts is improving mass market traffic, a segment critical for offsetting the loss of VIP players, the high costs of presenting the events have weighed on overall profitability.
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