Macau Gaming Revenue Outpaces Expectations, Six Casinos Win $2.8 Billion

Macau Gaming Revenue Outpaces Expectations, Six Casinos Win $2.8 Billion

The six casinos in Macau won a total of MOP22.63 billion (US$2.8 billion) in gaming revenue at the start of the year, exceeding analyst estimates.

The January win for the Chinese Special Administrative Region (SAR) was predicted by analysts to increase by 15% to 20% from January 2025. The $2.8 billion total from last month represented a 24% increase over the previous year.

Gross gaming revenue (GGR), often known as "games of fortune" in the enclave, decreased year over year just in January of last year. The richest gaming center in the world reached its highest yearly figure since 2019 for the next eleven months.

The city's impressive January performance was attributed by observers to favorable currency exchange rates and an enhanced VIP results.

Increased Gaming and Expenses

 The best year for gambling in Macau since the COVID-19 pandemic was 2025. The casinos were able to successfully transition from high rollers to both mainstream and premium patrons. However, as required by their 2022 license extensions, the resorts also keep making significant investments in non-gaming ventures.

Even though gaming was strong in 2025, the casino operators' bottom lines were negatively impacted by increased expenses for products, services, and labor as well as non-gaming expenses. The shares of Las Vegas Sands, which holds the biggest market share in Macau through its subsidiary Sands China, plummeted last week following the company's dismal Macau earnings before interest, taxes, depreciation, and amortization (EBITDA) report.

Increased reinvestment in Sands' properties, more labor expenses, and a smaller non-rolling hold proportion were all mentioned by company representatives.

"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.”

Sands China's EBITDA of $608 million was the lowest since the fourth quarter of 2024. Sands' Macau properties "will deliver better results in 2026," according to Goldstein.

According to HSBC Global Research, gaming revenue in 2026 will rise by about 8% for the entire year, or $32.65 billion.

More Betting by Gamblers

Investment bank Citigroup stated in a report about the January figures that a survey of high-end mass gamers revealed that they are placing more baccarat bets. According to the financial services group, premium players raised their bets by 25% on an annual basis. 

Citigroup mentioned the city's hosting of well-known K-pop performers and the casinos' strong marketing. The hefty expenses of presenting the events have affected overall profitability, even while sponsoring such A-list concerts is increasing mass market traffic—a segment crucial for balancing the loss of VIP players.