Macau’s gross gaming revenue is estimated to have averaged MOP$700 million (US$86.8 million) per day in the seven days to 15 March 2026, representing a 10% year-on-year improvement and indicating low- to mid-teens growth for the full month, according to investment bank Jefferies. This was, however, 5% lower than the daily average in February with mass GGR down 2.4% and VIP down 6.9%. based on estimates.
In a Monday note, Jefferies said the expectation is for GGR for the remainder of the month to average between MOP$690 million and MOP$750 million (US$85.6 million and US$93.0 million) per day, implying total March GGR of MOP$21.6 billion to MOP$22.6 billion (US$2.68 billion to US$2.80 billion) – up by between 10% and 15% year-on-year.
The improvement is, the investment bank observed, against a relatively easy comparison (on 2025), which is expected and therefore neutral for stocks.
“We believe the growth landscape becomes more complex in 2H26 as comparisons become more challenging and the evident battles for market share intensify,” the company’s analysts wrote. “In our view, the next two months likely continue to deliver above trend growth, then comps become increasingly difficult.
“In a slower-growth environment, we believe investors will need to select winners and losers, as operators that grow below market rate or sacrifice margins to preserve the top line will likely be penalized. Our preference remains with operators that lean toward a more premium focus, given our belief that mass reinvestment levels are likely higher year-on-year.
“Our preferred names remain Wynn and Galaxy, as each should grow above market levels in 2026.”
