Investment bank JP Morgan said in a research note that Macau’s gross gaming revenues for the first 11 days of January were estimated at MOP$8.05 billion (US$1.0 billion), representing a daily run-rate of MOP$731 million (US$91.0 million) per day.
Given the strong start to the year, when daily GGR was said to have reached around MOP$850 million (US$105.8 million) during the holiday period from 1 to 4 January, this implies a run-rate of MOP$692 million (US$86.2 million) per day over the past week.
“This should hopefully ease investor concerns about a demand slowdown at the end of last year (to MOP$620 million to MOP$630 million per day), which was dragged down by (very) poor VIP luck and seasonality ahead of the long New Year weekend,” said analysts DS Kim, Selina Li and Lindsey Qian.
“All-in, we are still comfortable modeling January GGR to grow at least 15% year-on-year (and possibly as much as 20%) thanks to easy comps. This in turn should drive GGR to grow around 13% in 2M26 and 1Q26.”
JP Morgan also reiterated its belief that profits will outpace GGR this year, at around 6% to 7% compared with GGR growth of 5% to 6%. This comes after industry EBITDA only rose by 6% in 2025 compared to GGR rising by 9%
