The latest pengeluaran Macau casino figures confirm that the world’s largest gambling hub continues its steady recovery trajectory. According to data released by Macau’s Gaming Inspection and Coordination Bureau (DICJ), February 2026 gross gaming revenue reached 20.62 billion patacas ($2.56 billion), representing a 4.5% year-on-year increase that surpassed analyst expectations of just 1% growth . This performance brought the first two months of 2026 to a combined 43.2 billion patacas, up 13.9% from the same period in 2025 .
Recovery Context: Still Below Pre-Pandemic Peaks
While the year-on-year growth is encouraging, pengeluaran Macau casino data shows the market remains below its 2019 levels. February 2026 revenue recovered to 81.3% of pre-pandemic February 2019, when casinos recorded 25.3 billion patacas . The January-February combined period reached 86.0% of 2019 levels . January 2026 had posted an even stronger 24.0% year-on-year jump to 22.63 billion patacas, recovering to 90.7% of 2019 levels .
For context, during the pandemic years, revenues collapsed to just 60.4 billion patacas in 2020 and a disastrous 42.1 billion in 2022. The full-year 2025 total reached 247.4 billion patacas, a 9.1% increase over 2024 and roughly 84.6% of 2019 levels .
The Great Structural Shift: Mass Market Now Dominates
Perhaps the most significant revelation in pengeluaran Macau casino data is the fundamental restructuring of the market. Following China’s crackdown on junkets and capital outflow restrictions, the VIP sector—which once contributed about half of Macau’s gaming income—has diminished dramatically . Most junkets have ceased operation after a gaming law revision rendered their business model unfeasible .
CICC estimates that VIP baccarat revenue in February 2026 declined 54-61% compared to pre-pandemic February 2019 . In stark contrast, mass market baccarat has not only recovered but surged, growing 21-29% above 2019 levels . Mass market now accounts for approximately 70-75% of total gaming revenue, up from just 40% in 2019 .
Looking ahead to full-year 2026, CICC projects total GGR to increase approximately 5%, recovering to 88% of 2019 levels, driven primarily by mass market expansion which is expected to reach 126% of 2019 levels . Jefferies forecasts mass market growth accelerating to 6.6% in 2026, while VIP growth slows dramatically to just 2.0% from 24.1% in 2025 .
Premium Mass Players and “Whales” Drive Spending
Within the mass market segment, premium players are driving growth. Citigroup’s proprietary table survey during the Lunar New Year period revealed that average wagers per premium mass player reached HK$29,625 (approximately US$3,800)—a 13% year-on-year increase and the highest ever recorded in their monthly surveys . Total premium mass wagers hit HK$24.4 million, up 17% from 2025, while player numbers increased 3% to 824 .
The highest-value cohort—known as “whales” (players betting HK$500,000 or more)—numbered seven during the holiday period, compared to four in 2025 . Citigroup observed 53 players betting over HK$100,000 (their broader “whale” definition), up from 49 in 2025, with combined wagers increasing from HK$10.2 million to HK$11.3 million . Two individuals were observed betting up to HK$800,000 at Galaxy Macau’s Tien Feng room, while another wagered HK$740,000 at Londoner Macau .
The average baccarat minimum bet rose 5% to HK$2,347, suggesting broader recovery across all player segments . From a market share perspective, Melco Resorts topped premium mass rankings with 25% share during the holiday period, followed by Galaxy Entertainment at 23% .
Economic Significance and 2026 Outlook
The gaming sector remains Macau’s primary economic driver. The Macau government has set a conservative 2026 revenue target of 236 billion patacas, below 2025’s actual performance, citing external volatility and economic uncertainties . Casinos pay a direct tax of 35% of revenue, plus additional contributions to public funds and social development.
However, challenges remain. Intense competition for mass market players has pushed up operating costs, with casinos lavishing perks and incentives that squeeze profit margins . JP Morgan observed operating expense growth of approximately 7% in 2025, compared to normal inflation of 3%, noting that non-gaming events including concerts and sports supported revenue but weighed on margins . Reining in costs while maintaining appeal will be a key challenge for operators this year .
As Macau continues its transformation from VIP dependency to premium mass focus, pengeluaran Macau casino data will remain essential reading for anyone tracking the world’s most important gaming jurisdiction.