CreditSights: Macau on track to meet revenue target

CreditSights analysts forecast that Macau’s gaming industry remains on track to meet the government’s 2026 gross gaming revenue (GGR) target of MOP236 billion. The outlook follows February’s gross gaming revenue, which rose 4.5% year-on-year to MOP20.6 billion, exceeding consensus estimates of a 1% gain.

CreditSights, a Fitch Solutions unit, attributed performance to a nine-day Lunar New Year holiday that attracted 4.17 million visitors — Macau’s second-highest monthly total on record.

The larger group was, as always, composed of mainland Chinese visitors, who accounted for nearly 80% of arrivals, supported by the Individual Visit Scheme.

January-February revenue hit MOP43.26 billion, representing just over 18.3% of the yearly goal, leaving the industry ahead of schedule.

Per-capita spending, however, dropped 20% month-on-month and 21% year-on-year to MOP4,943.

On the topic, analysts said headline growth will increasingly depend on visitor volume rather than high rollers, driven by more family and leisure travelers.

CreditSights expects continued momentum amid shifting visitor trends toward volume over high-value spending, while noting operator-specific challenges. Sands China faces margin pressure from its segment mix, Wynn Macau anticipates higher capital expenditures, and Melco’s deleveraging has slowed while MGM China outperformed peers. NS