• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 17 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Macau’s Chinese New Year volumes to determine scale of February GGR recovery, say analysts

Ben Blaschke by Ben Blaschke
Mon 3 Feb 2025 at 04:52
Macau GGR down 62% year-on-year to MOP$2.48 billion in June
21
SHARES
514
VIEWS
Print Friendly, PDF & Email

After a subdued start to the year in January, when gross gaming revenues fell by 5.6% year-on-year to MOP$18.25 billion (US$2.27 billion), analysts are keeping a close eye on the current Chinese New Year Golden Week holiday to determine whether Macau’s gaming operators can turn it all around in February.

In a series of notes issued shortly after publication of Macau’s January GGR results on Saturday, analyst forecasts for the month of February differed significantly, from as low as MOP$19 billion (US$2.34 billion) or 3.5% year-on-year growth to as high as MOP$2.6 billion (US$3.2 billion) or 11.4% year-on-year growth.

On the more conservative side is JP Morgan, which suggested the jury is still out on whether January’s miss was a temporary blip or indicative of a lasting trend. While recent days had seen a surge in visitor arrivals into Macau, “All eyes are on the LNY print from industry consultants, expected on 10 February,” said analysts DS Kim, Mufan Shi and Selina Li.

“We believe the bogey for the print is set at around MOP$800 million to MOP$850 million (US$98.3 million to US$104.5 million) per day for 1 to 9 February, as this implies a run-rate of over MOP$1 billion (US$122.9 million) per day during peak holidays.”

JP Morgan is expecting January and February GGR combined to finish flattish year-on-year before gradually improving later in the year to allow for FY25 GGR growth of around 5% on easier comps.

Deutsche Bank analyst Carlo Santarelli has also revised down his forecast for January and February although remains more bullish than some others.

“We [previously] projected 3.9% year-on-year growth for the combined January/February period, which compared to the Consensus forecast … of +6% for the combined period,” Santarelli said. “To achieve the +3.9% aggregate implied growth, February would have to grow ~13.8% year-on-year, despite having one fewer calendar day. As such, our current forecast for January/February stands at +2.7% year-on-year.”

Analysts have broadly noted that the January GGR figure was heavily impacted by the timing of Chinese New Year in 2025, which saw a very notable pre-holiday lull in Macau that, particularly affecting large properties according to JP Morgan.

CNY had fallen around two weeks later in mid-February in 2024.

RelatedPosts

Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Government figures indicate Macau’s gaming industry recorded US$17.9 billion surplus in 2024

Wed 17 Sep 2025 at 18:04
Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco prices new notes offering at US$500 million

Wed 17 Sep 2025 at 06:16
The changing face of Macau

Melco to launch private hospital at Macau’s Studio City as part of 10-year non-gaming concession commitment

Wed 17 Sep 2025 at 05:06
Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Mon 15 Sep 2025 at 22:58
Load More
Tags: Chinese New YearDeutsche BankFebruarygross gaming revenueJP MorganMacau
Share8Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

by Newsdesk
Wed 17 Sep 2025 at 19:04

IAG sat down with Nilo Thaddeus Rodriguez – the President and CEO of Newport World Resorts – to discuss the property’s recent market share gains and what new features and attractions we can expect to see in the coming months.

Genting sued by partner in Bahamas casino Resorts World Bimini for alleged “massive and co-ordinated fraud”

Genting Malaysia looks to dismiss amended complaint filed by partner in Bahamas casino-resort, says no new material elements introduced

by Ben Blaschke
Wed 17 Sep 2025 at 19:02

Genting Malaysia has filed a motion to dismiss an Amended Complaint filed against it by a key partner in its Bahamas casino-resort, Resorts World Bimini (RWB), arguing that the complaint only repeats previously dismissed allegations. In a company announcement on...

Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Government figures indicate Macau’s gaming industry recorded US$17.9 billion surplus in 2024

by Pierce Chan
Wed 17 Sep 2025 at 18:04

Macau’s gaming industry recorded a surplus of MOP$143.1 billion (US$17.9 billion) in 2024, representing a 24.7% year-on-year increase according to information from the Statistics and Census Service (DSEC). The surplus was driven by an increase in total receipts of the...

Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia plan to sell off non-gaming assets of Resorts World Catskills delayed for a second time

by Newsdesk
Wed 17 Sep 2025 at 17:06

A previously announced transaction that will involve Genting Malaysia selling off a raft of non-gaming assets associated with its Resorts World Catskills (RWC) integrated resort in New York state has been delayed for a second time to allow investors involved...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English