Deutsche Bank forecasts Q1 GGR to be 11.7% higher y-o-y

The German multinational investment bank and financial services company Deutsche Bank currently forecasts that local casinos’ gross gaming revenue (GGR) for the first quarter (Q1) of this year will be 11.7% higher than last year’s.

According to a recent update from the bank, it is forecasting that the accumulated GGR at the end of March will reach USD8.1 billion, or MOP65.25 billion.

In practical terms, this means that this month (March) would account for MOP22 billion in GGR, a figure close to the one seen in January (MOP22.63 billion) and some 6.64% higher than February’s.

At the moment, with two months accounted for in 2026, the accumulated GGR is MOP43.26 billion, representing a 13.9% year-over-year increase compared to 2025.

This happens despite a weaker-than-expected performance in February, which included the Lunar New Year, traditionally one of the year’s stronger seasons for GGR due to the high influx of visitors and the extended holiday period, which this year reached 10 days.

As the Times previously noted, such a forecast is also backed by other investment banks and market analysts, such as J.P. Morgan, which said in a recent note that, despite the slow February, GGR results have, so far, turned out better than expected.

J.P. Morgan has shared an even more optimistic forecast, predicting that Q1 will deliver a 13% year-over-year increase.