In a recent update, Citigroup has reported a promising forecast for Macau’s February gaming revenues. The data suggests a modest 1 percent growth in Macau's gross gaming revenue (GGR) year-on-year, underpinned by a substantial 17 percent increase in wagering during the Chinese New Year (CNY) period.
As reported by analysts George Choi and Timothy Chau, the Year of the Horse ushers in a period of strong premium mass gaming activity. "Macau is set to gallop into the Year of the Horse with strong premium mass," they commented, highlighting positive trends. The projected GGR for February is expected to reach MOP20.0 billion (US$2.48 billion), reflecting a solid 12 percent year-on-year growth for the combined months of January and February.
Chinese New Year Wagers Surpass Expectations
The data draws attention to a significant increase in the number and size of wagers during the CNY period. Total wagers during the Chinese New Year 2026 reached HKD24.4 million (US$3.1 million), up 17 percent compared to the previous year. Such growth can be attributed to the higher average wager per player, which climbed to a record HKD29,625 from HKD26,224 in 2025. This points to a robust demand in the premium mass segment.
The number of premium mass players also rose by 3 percent from the prior year. An intriguing observation was the increased presence of high-stakes gamblers, locally referred to as 'whales,' with seven whales wagering HKD500,000 or more, an increment from four whales the previous year.
Observations also noted average minimum baccarat bets rising, indicating a recovery in grind mass gaming. The bank’s findings revealed 53 whales with significant bet sizes this year, compared to 49 seen in the previous CNY, with substantial overall wagering activity.
High-Stakes Action and Venue Developments
The excitement surrounding high-stakes action extends across several Macau gaming venues. Notably, two whales wagering HKD800,000 each were recognized at the Galaxy Macau’s Horizon room. The same stakes were reflected at Sands China Ltd’s The Londoner Macao, and Melco Resorts’ City of Dreams saw notable high-limit action. The total volume of whale bets reached HKD11.3 million, averaging HKD213,000 per whale, compared to HKD209,000 last year.
Despite the absence of access to Wynn Palace's newly opened Chairman's Club, the report highlights positive performance. A whale from Korea, staking HKD200,000, was among the prominent players observed there. Melco Resorts gained a leading position in premium mass gaming this season, capturing a quarter of the market share.
Galaxy Entertainment followed with a 23 percent share, albeit with a slight decline from the previous year. Additionally, SJM Holdings Ltd's introduction of a low-limit baccarat area at its Grand Lisboa Palace adds a refreshed dimension to Macau’s gaming options, maintaining a spectrum of gaming experiences for varying player demographics.
This comprehensive overview of Macau’s gaming activity during CNY suggests robust interest from affluent visitors, signifying potential recovery and growth in the gaming sector.
Source: Feb Macau GGR may rise 1pct y-o-y, while CNY wagers up 17pct in survey: Citi, GGRAsia, February 23, 2026.
Posted by Wizard
Feb 23 2026
Feb 23 2026
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