Citibank: Macau's gaming revenue in December last year fell short of expectations. Consolidated gaming revenue from January to February is expected to increase 10.5% year-on-year

The Zhitong Finance App learned that according to a research report released by Citibank, Macau recorded gaming revenue of 20.888 billion patacas in December 2025, or an average of about 674 million patacas per day, an increase of 15% over the previous year, equivalent to about 91% of the December 2019 level. This figure is about 5% lower than the bank's forecast and about 3% lower than the market forecast. The bank believes it is mainly due to the abnormally low VIP room win rate, which is likely to be below 3%.

According to the report, Macau's total gaming revenue for the full year of 2025 reached MOP 247.4 billion, an increase of 9% over the previous year, exceeding the Macau government's initial forecast of MOP 240 billion and the MOP 228 billion revised later.

Looking ahead to January 2026, Macau will kick off with a series of exciting events, including “Music Friendship Project 2” hosted by Jiangsu TV and iQiyi on January 2, and the Super Junior concert held at the Galaxy Arena from January 9 to 11. The bank's gaming revenue forecast for January 2026 remained at MOP 21.5 billion, or an average of about MOP 694 million per day, representing an 18% year-on-year increase. On the January-February consolidated gaming revenue forecast, the impact of the difference in Chinese New Year time between this year and last year was MOP 42 billion, which meant a 10.5% year-on-year increase.