Macau's per-visitor expenditure rises in February: analysts
CreditSights has estimated that there was a 12 percent increase in average gross gaming revenue (GGR) per visitor. The spend per visit was up despite the number of Macau casino patrons falling by 4.4 percent year-on-year in February. Average GGR per visitor in February was MOP6,274.
Despite the drop in visitors, GGR saw a positive trend, increasing by 6.8 percent to MOP19.74 billion ($2.5 billion). Macau welcomed 3.15 million visitors in February. The decrease in visitors is likely attributable to the timing of the Chinese New Year holiday, which this year ran from January 28 to February 4, while in 2023 the entire week fell in February.
First yearly drop in visitor arrivals since COVID-19
Macau marked a first yearly drop in visitor arrivals in February since the COVID-19 reopening in January 2023. Another one of the primary reasons for this decline is the unusually high baseline set in February 2024. During that period, Macau benefited from an extended eight-day Chinese New Year holiday, which saw an influx of travelers, particularly from mainland China.
In comparison, February 2025 witnessed a significant drop with Macau registering 1.31 million visitor arrivals between 28 January and 4 February. This marked a drop of 3.5 per cent from 2024’s Chinese New Year holiday period, averaging nearly 164,000 visitors per day. Concerns were raised after Macau’s visitor arrivals witnessed a significant drop during the Chinese New Year holiday, falling short of even Macao Government Tourism Office’s (MGTO) forecast.
In the first two months of 2024, Macau’s cumulative GGR reached MOP38 billion, up by 0.5 percent from the previous year. While the city’s GGR has grown compared to 2023, it is still 22.45 percent lower than 2019 levels.
GGR for first 23 days of March
Analysts at Macau’s total gross gaming revenue (GGR) for the first 23 days of March amounted to MOP14.6 billion. According to Monday’s investment memo, this represents a daily run rate of MOP643 million for the week between 17-23 March. This daily run rate marked a 3 percent increase from MOP621 million registered the previous week.
When comparing the current daily GGR run rate of MOP635 million to the same period in March 2024, the numbers are largely flat. In March 2024, the daily GGR registered was MOP629 million. Citigroup analysts have kept their March 2025 GGR forecast unchanged at MOP19.5 billion. This forecast is a significant figure, accounting for approximately 75 percent of the levels recorded in March 2019, which was a peak year for Macau’s gaming industry.
