Casinos extend recovery with GGR surging 15% to MOP22.6b

The casino industry extended its recovery in March, with gross gaming revenue (GGR) climbing 15% year-on-year to MOP22.61 billion (USD2.80 billion), according to figures released by the Gaming Inspection and Coordination Bureau (DICJ).

The monthly tally also represented a 9.6% increase from February’s MOP20.63 billion, surpassing analysts’ projections of 10% to 13%.

March’s performance ranked as the third-strongest monthly result since the pandemic began in early 2020, trailing only October 2025 and January 2026.

For the first three months of the year, cumulative GGR reached MOP65.87 billion, marking a 14.3% rise compared with the same period last year.

The figures suggest continued resilience in visitor spending and gaming demand, supported by improving tourism flows and a rebound in premium segments.

Analysts have pointed to strengthening high-end play as a key driver. In its latest survey, Citigroup noted a year-on-year increase in the number of premium baccarat players observed in casinos.

Prior to the official release, analysts at Citigroup had forecast March GGR to grow 12% year-on-year to MOP22 billion (USD2.75 billion).

In a recent note, analysts George Choi and Timothy Chau estimated that GGR for the first 22 days of the month reached approximately MOP15.6 billion, with a daily run rate of MOP721 million in the most recent week – 3% higher than the prior week and 14% above a year earlier.

The memo also pointed to continued strength in the premium mass segment. VIP volumes declined 10% to 12% month-on-month, while mass-market GGR was flat or down slightly. Despite this, the group saw limited downside risk and expected daily averages to meet forecasts. LV