February’s visitor arrival tally of 4.17 million represented Macau’s second highest ever number of monthly arrivals, but that did not translate into record revenues.
According to analysis by financial research firm CreditSights, gross gaming revenue per visitor actually fell by 20% year-on-year in February because a larger portion of the visitors travelling into Macau over the Chinese New Year holiday period were likely non-gambling tourists and families.
Macau recorded gross gaming revenue of MOP$20.6 billion in February, up 4.5% year-on-year but lower than the MOP$22.6 billion (US$2.80 billion) in GGR reported in January.
These figures highlight the fact that more arrivals does not necessarily translate into more gaming revenue – particularly given the city’s lack of sufficient hotel room supply.
In a note, CreditSights said the February figures were boosted by 1.55 million arrivals during the nine-day CNY holiday which was in itself higher than the 1.31 million arrivals during CNY in 2025. Although the fact that CNY stretched to nine days this year compared to eight last year, “When comparing with the corresponding lunar calendar days from CNY 2025 – an eight-day period for a more comparable basis – Macau still recorded decent 9% to 10% year-on-year-growth in total visitors and mainland Chinese visitors.”
