The preference ranking for individual stocks in the sector remains unchanged: Sands China (01928), Galaxy Entertainment (00027), MGM China (02282), Wynn Macau (01128), Melco International Development (00200), Melco Resorts & Entertainment (MLCO.US), SJM Holdings (00880).
According to Zhitong Finance, CICC released a research report stating that the total gaming revenue for February 2026 in Macao is expected to range between MOP 21 billion and MOP 22.4 billion, with daily revenue at MOP 750 million to MOP 800 million (a year-on-year increase of 6-13%, but a decrease of 12-17% compared to February 2019). The preference ranking for individual stocks in the sector remains unchanged: Sands China (01928), Galaxy Entertainment (00027), MGM China (02282), Wynn Macau (01128), Melco International Development (00200), Melco Resorts & Entertainment (MLCO.US), SJM Holdings (00880).
In January 2026, the Macao Special Administrative Region recorded a gross gaming revenue (GGR) of MOP 22.6 billion, representing a year-on-year increase of 24.0% (and a month-on-month increase of 8.4%), surpassing the market consensus expectation of an 18.5% year-on-year growth (with the highest market forecast at 19% and the lowest at 15%). The total gaming revenue for the month has recovered to 90.7% of the level seen in January 2019. The average daily revenue (ADR) for January 2026 was MOP 730 million (a year-on-year increase of 24.0%; month-on-month increase of 8.4%, compared to MOP 674 million in December 2025).
The strong performance of Macao's gaming industry in January can be attributed to the following factors: 1) A longer holiday period for the Lunar New Year; 2) Sustained strong demand on other days of the month; 3) Diversified events attracting tourists. The bank estimates that VIP gaming revenue for January 2026 fell by 46-55% compared to January 2019, while mass-market gaming revenue increased by 27-37% compared to January 2019. Mass-market revenue accounted for 70-75% of total gaming revenue.
In December 2025, visitor arrivals in Macao increased by 17.8% year-on-year (and 7.0% month-on-month), reaching 3,580,130 visits, which represents 116.1% of the level in December 2019 (average daily visitors were 115,488). Among them, visitors from mainland China totaled 2,507,041 (a year-on-year increase of 22.6% and a month-on-month increase of 4.6%), recovering to 119.7% of the level seen in December 2019.
