Macau GGR Holds at $86,8M Daily, Signaling Strong March Growth Trajectory

Macau’s gross gaming revenue (GGR) averaged approximately MOP$700 million (US$86.8 million) per day in the seven days through 15 March 2026, marking a 10% year-on-year increase and pointing to low- to mid-teens growth for the full month, according to estimates from Jefferies.

However, the figure represents a 5% decline compared to February’s daily average, with mass segment GGR down 2.4% and VIP revenue falling 6.9%, based on preliminary estimates.

In a note released Monday, Jefferies projected that GGR for the remainder of March will range between MOP$690 million and MOP$750 million (US$85.6 million to US$93.0 million) per day. This would translate into total monthly GGR of between MOP$21.6 billion and MOP$22.6 billion (US$2.68 billion to US$2.80 billion), reflecting a year-on-year increase of 10% to 15%.

The bank noted that this growth comes against relatively easy comparisons with 2025, making the performance largely neutral from a stock market perspective.

Looking ahead, Jefferies cautioned that the growth outlook may become more challenging in the second half of 2026 as year-on-year comparisons tighten and competition for market share intensifies. The analysts expect above-trend growth to continue over the next two months before facing tougher benchmarks.

In a slower-growth environment, Jefferies emphasized the importance of operator selection, warning that companies underperforming the market or sacrificing margins to sustain top-line growth could face investor pressure. The bank continues to favor premium-focused operators, citing expectations of higher reinvestment levels in the mass segment.

Its top picks remain Wynn Resorts and Galaxy Entertainment Group, both of which are expected to outperform the broader market in 2026.