Deutsche Bank said in a weekend investor note that it expects Macau’s gaming operators to generate gross gaming revenue of around US$2.79 billion in February – a figure that would represent a 12.8% year-on-year increase and exceed current consensus.
The update comes after the Gaming Inspection and Coordination Bureau (DICJ) on Sunday released Macau’s GGR figures for January, which saw gaming revenues climb by 24.0% year-on-year to MOP$22.6 billion (US$2.81 billion) – also beating consensus and with a sequential increase in daily GGR that was well above historical trends.
The February forecast of 12.8% growth – which compares to consensus of 11.5% improvement versus the same month last year – would see it match the January GGR result despite having three fewer days and one less weekend. The month will, however, benefit from the Chinese New Year Golden Week holiday.
Deutsche Bank’s latest estimates include 16.1% year-on-year growth to around US$8.4 billion in 1Q26 and 7.1% year-on-year growth for FY26 to US$33.2 billion. The 2027 forecast is for further 5.0% growth to US$34.8 billion.
