Published on: February 1, 2026, 09:41h.
Updated on: February 1, 2026, 09:41h.
- Macau’s gaming revenues surpassed analyst expectations in January 2026
- Casinos reported a total gross gaming revenue of $2.8 billion for the month
- Rising operational costs are impacting the impressive gaming figures
Macau’s gaming revenue began the new year on a high note, with the six casinos collectively earning MOP22.63 billion (approximately US$2.8 billion), exceeding analyst forecasts.
Analysts anticipated a year-over-year increase in January’s wins by approximately 15% to 20%. The recorded total of $2.8 billion reflects a 24% increase compared to January 2025.
Last January marked the only month of 2025 where gross gaming revenue (GGR), colloquially known as “games of fortune” in the region, declined compared to the previous year. The following 11 months established Macau as the richest gambling destination globally, hitting its highest annual earnings since 2019.
Experts attributed the strong performance in January to favorable exchange rates and better outcomes in the VIP sector.
Increased Revenue Amid Rising Costs
The year 2025 marked the most successful year for gaming in Macau since the onset of the COVID-19 pandemic. Casinos shifted their focus from high rollers to premium mass and general public patrons. However, the resorts are also heavily investing in non-gaming ventures, as required by their license renewals in 2022.
Despite robust gaming figures in 2025, rising costs related to labor, services, and goods, alongside expenses for non-gaming projects, have posed challenges for casino operators’ profit margins. Las Vegas Sands, which holds the largest market share in Macau via its subsidiary Sands China, saw its stock prices dip last week following disappointing earnings before interest, taxes, depreciation, and amortization (EBITDA) in Macau.
Company representatives pointed out the increased investments in Sands’ properties, elevated payroll expenses, and a reduced non-rolling hold percentage as contributing factors.
“Macau generated $608 million in EBITDA for the quarter, and we are dissatisfied with that result,” stated Las Vegas Sands Chair and CEO Robert Goldstein. “Macau thrives on the premium segment, which remains fiercely competitive. There will be a time when the base mass market recovers, and we will thrive then, but in the meantime, we must focus on ensuring our assets perform optimally to achieve $700 million quarterly.”
The reported $608 million in EBITDA is the lowest profit margin for Sands China since Q4 2024. Goldstein expressed optimism that Sands’ properties in Macau will yield improved results in 2026.
HSBC Global Research estimates that gaming revenue in 2026 could rise by around 8%, totaling an impressive $32.65 billion.
Increased Betting Activities
In a report on January’s performance, investment bank Citigroup noted that a survey of premium mass players revealed that their betting on baccarat has increased significantly. The financial institution documented that these premium players raised their bets by 25% compared to the previous year.
Citigroup attributed this increase to aggressive marketing strategies from casinos and major K-pop performances in the city. While these high-profile concerts are boosting mass market attendance — a critical factor for compensating for the decline in VIP clientele — the expenses incurred for organizing these events have impacted overall profitability.