Deutsche Bank forecasts GGR to reach MOP22.5 billion in February

Deutsche Bank predicts that Macau’s gross gaming revenue (GGR) will reach USD2.79 billion (MOP22.54 billion) in February, a 12.8% year-on-year increase that surpasses consensus estimates of 11.5% growth.

The projection, outlined in a weekend investor note, follows January’s GGR performance, which beat expectations and kicked off 2026 on a high note.

The Gaming Inspection and Coordination Bureau reported that GGR hit MOP22.63 billion ($2.79 billion) last month – up 24% from a year earlier and marking the strongest January since 2019.

Notably, January featured five weekends, which helped boost activity.

February’s forecast matches January’s total despite three fewer days and one less weekend.

Analysts attribute this resilience to the upcoming Chinese New Year Golden Week holiday, which is expected to spur higher visitation along with increased gaming and non-gaming spending.

Deutsche Bank cited early market signals of sustained growth ahead of pre-pandemic patterns.

Looking ahead, the bank projects 16.1% year-on-year growth to $8.4 billion in the first quarter of 2026. It forecasts full-year GGR at $33.2 billion, a 7.1% rise, followed by 5% growth to $34.8 billion in 2027. NS