• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 12 May 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
20
SHARES
508
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

Macau’s concessionaires rode their luck in 1Q25 on gains in VIP segment

Sat 10 May 2025 at 11:00
Galaxy Entertainment Group names Eileen Lui Wai Ling, sister of Francis Lui, as Executive Director

Galaxy Entertainment Group names Eileen Lui Wai Ling, sister of Francis Lui, as Executive Director

Sat 10 May 2025 at 09:20
Asian gaming industry celebrates in style with largest ever The Industry Party at Vista at MGM Cotai

Asian gaming industry celebrates in style with largest ever The Industry Party at Vista at MGM Cotai

Sat 10 May 2025 at 08:48
Winds of change

Melco says working with potential buyers on bidding process for City of Dreams Manila

Fri 9 May 2025 at 06:16
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 – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

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

Macau’s concessionaires rode their luck in 1Q25 on gains in VIP segment

by Ben Blaschke
Sat 10 May 2025 at 11:00

Macau’s six concessionaires saw their combined gross gaming revenues rise only slightly year-on-year, by around 1%, in the first three months of 2025 and only due to playing lucky in the VIP segment. According to the summarized datasets of the...

Galaxy Entertainment Group names Eileen Lui Wai Ling, sister of Francis Lui, as Executive Director

Galaxy Entertainment Group names Eileen Lui Wai Ling, sister of Francis Lui, as Executive Director

by Pierce Chan
Sat 10 May 2025 at 09:20

Galaxy Entertainment Group (GEG) has announced the appointment of Eileen Lui Wai Ling – the company’s current Group Director of Human Resources and Administration and sister of Chairman Francis Lui – as an Executive Director with effect from 9 May...

Asian gaming industry celebrates in style with largest ever The Industry Party at Vista at MGM Cotai

Asian gaming industry celebrates in style with largest ever The Industry Party at Vista at MGM Cotai

by Newsdesk
Sat 10 May 2025 at 08:48

The Asian gaming industry celebrated in style on Thursday night as they came together for the biggest edition of The Industry Party yet. Held at Vista at MGM Cotai on the second evening of G2E Asia, around 400 people enjoyed...

Japan Credit Rating Agency affirms Konami’s A+ rating due to “high earning capacity”

Stability in Australia, North America drives 7.4% revenue growth for Konami’s gaming segment in FY25

by Newsdesk
Fri 9 May 2025 at 06:48

Global gaming supplier Konami reported a 7.4% increase in revenue in its Gaming & Systems segment to JPY42.7 billion in the year ended 31 March 2025, with operating profit up by 16.3% to JPY7.3 billion, according to financial statements published...



IAG

© 2005-2024
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

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English