Macau casino gross gaming revenue (GGR) stood at MOP17.8 billion (US$2.22 billion) for the first 25 days of January, or MOP712 million a day, according to a Monday report from JP Morgan, citing its own checks. The month-to-date performance remained “steady, and solid”, added the institution.
“This implies last week’s run-rate remained steady week-on-week at MOP693 million a day despite a lower VIP win rate, which is pretty solid if compared to December’s MOP624 million a day,” wrote analysts DS Kim, Selina Li, and Lindsey Qian.
They added: “We are still comfortable modelling January GGR to grow 15 to 20 percent year-on-year, likely towards the high-end of this range, which in turn should allow GGR to grow circa 13 percent in [the first] two months of 2026 and first-quarter 2026.”
Earlier this month, JP Morgan trimmed to MOP71.9 billion its forecast for full-year 2026 industry adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for Macau’s six operators.
The institution’s new 2026 adjusted-EBITDA estimate would nonetheless still be a 5.0-percent improvement on its forecast MOP68.5 billion for 2025, where the operators have yet to report their numbers.
