Macau’s casinos posted a welcome rebound in February, with gross gaming revenue (GGR) reaching MOP19.7 billion (US$2.46 billion), the strongest monthly performance since October and a boost for the enclave’s six operators.
February revenue was up 8% from January’s US$2.27 billion and nearly 7% higher than February 2024, when casinos generated about US$2.3 billion. Results were aided by the Chinese New Year holiday, which ran from Jan. 28 to Feb. 4 and included weekend days. After a weak January, Macau authorities reported that GGR for the first two months of 2025 is running 0.5% ahead of the same period last year.
Macau remains the only jurisdiction under Chinese sovereignty where casino gambling is legal. The market is limited to six licensees: Sands, Galaxy, Wynn, MGM, Melco, and SJM.
New Year, New Headwinds
Despite reclaiming its status as the world’s largest gaming market — with gamblers losing US$28.3 billion last year — Macau has yet to fully recover to pre-pandemic levels. February 2025 revenue represented just 78% of what the market generated in February 2019.
Much has changed since then. During the pandemic, Beijing intensified its scrutiny of Macau, citing concerns over capital outflows and national security. Under President Xi Jinping’s direction, regulators tightened oversight of junket operators, long the backbone of VIP play. As many junkets shifted to more favorable jurisdictions elsewhere in Asia, mainland high rollers have faced greater difficulty moving large sums into Macau.
In response, the six operators have poured tens of billions of dollars into transforming their resorts. Once centered on high-end baccarat, properties are now emphasizing family-friendly attractions, nongaming amenities, concerts, sports, and cultural offerings to broaden tourism appeal.
Still, skepticism remains over whether mass-market growth can fully offset the loss of VIP business. After a muted Chinese New Year, several brokerages trimmed their full-year 2025 forecasts.
CreditSights noted that future visitation is likely to come largely from “provinces with lower GDP per capita, which may constrain the recovery of GGR per visitor.” Citigroup cut its 2025 growth outlook to 3% from 7%, projecting annual GGR of about MOP233.58 billion (US$29.2 billion) — roughly 80% of 2019 levels.
Looking Beyond Macau
While Macau licenses remain highly prized, shifting regulations have prompted some global operators to explore new opportunities, particularly in Thailand. The country is expected to legalize up to five integrated casino resorts this year across Bangkok, Pattaya, Phuket, and Chiang Mai.
Executives from Sands, Wynn, MGM, and Melco have all publicly acknowledged at least a cautious interest. Sands President and CFO Patrick Dumont recently described Thailand as an “unbelievable tourism destination.” Sands already operates five integrated resorts in Macau, along with Marina Bay Sands in Singapore.
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