This year, China, Macau\u2019s main tourist market, celebrated Chinese New Year <\/strong>on February 17<\/strong>, with a nine-day holiday running from February 15 to 23. JP Morgan noted that GGR for the first 22 days <\/strong>of February reached MOP\u202f14.3bn<\/strong> (US$1.78bn), or about MOP\u202f650m<\/strong> <\/strong>(US$81m) per day. Last week\u2019s run-rate averaged MOP\u202f785m<\/strong> (US$87m) per day, below the bank\u2019s expectation of MOP\u202f850m<\/strong> (US$95m).<\/p>\n\n\n\n The analysts said the holiday started slowly, with the first four to five days averaging around MOP\u202f450m<\/strong> (US$50m) per day, down from last year. From day six onward, activity picked up, with GGR exceeding MOP\u202f1.2bn<\/strong> (US$133m) per day, implying growth of 10\u201315\u202fper cent<\/strong> <\/strong>year-on-year.<\/p>\n\n\n\n Analysts DS Kim, Selina Li, and Lindsey Qian<\/strong> said the following days are crucial, as the post-holiday \u201ctail demand\u201d phase typically sees high-end players accelerate spending. Despite trimming its February forecast, JP Morgan said that January and February combined, adjusted for the lunar holiday\u2019s timing, are still expected to deliver 12\u201313\u202fper cent<\/strong> year-on-year growth.<\/p>\n\n\n\n For its part, Morgan Stanley <\/strong>has described Macau\u2019s gaming performance over the Chinese New Year holiday<\/strong> as mild The bank noted early signs of moderation in marketing promotions and discounts at certain operators, but cautioned that similar trends in past cycles did not translate into lasting profitability gains. <\/p>\n\n\n\n \u201cOperators highlighted stabilized promotional activities. But we have heard this before,\u201d analysts Praveen K. Choudhary, Anson Lee, and Stephen W. Grambling <\/strong>wrote. <\/p>\n\n\n\n While visitor numbers held up well, spending per gambler was weaker. The bank highlighted a lower average age of gamblers, reflecting a shift in consumption behaviours. While this trend bodes well for the sector\u2019s long-term stability, it may also lead to lower per-visitor spending and greater sensitivity to promotions.<\/p>\n\n\n\n Morgan Stanley confirmed that despite short-term headwinds, it retains a cautiously positive outlook. It projects February gross gaming revenue (GGR) to grow in the low single digits year on year and revenue for the first two months of 2026 to increase around 13 per cent<\/strong>.<\/p>\n\n\n\n The bank continues to back Galaxy Entertainment<\/strong> as a benchmark for the sector and Sands<\/strong> China<\/strong> for dividend income, while viewing Wynn Macau and Melco<\/strong> as relatively undervalued. Analysts noted that SJM Holdings<\/strong> could see an earnings turnaround in 2026 if it improves market share and tightens cost controls.<\/p>\n\n\nMorgan Stanley’s take<\/h2>\n\n\n\n
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