Macau, September 19, 2025 — Macau’s gaming industry posted its most robust month since January 2020, generating MOP 22.16 billion (≈ US$2.76 billion) in gross gaming revenue (GGR) in August. The result reflects a 12.2% year-on-year increase, signaling solid recovery momentum for the world’s largest casino hub.
Cumulative GGR for the first eight months of 2025 has now reached MOP 163.05 billion, marking a 7.2% rise compared to the same period last year. Analysts say this performance underscores Macau’s resilience despite headwinds from China’s broader economic slowdown.
Tourist arrivals remain a key driver. Macau welcomed about 3.45 million visitors in July, lifting the year-to-date total to nearly 22.7 million, a 14% increase year-on-year. Hotel occupancy exceeded 90% in July across all categories, while the average rate for the first half of 2025 stood at around 89%.
The inflow of mass-market visitors from mainland China and Hong Kong continues to compensate for reduced VIP activity, with mass play now contributing the majority of GGR.
Analysts revise forecasts upward
Several investment houses have upgraded their expectations for Macau’s full-year results:
- Jefferies lifted its 2025 GGR forecast to MOP 248 billion (≈ US$31.8 billion), citing strong mass-market recovery and improved travel sentiment.
- Morgan Stanley now projects annual growth of around 10%, up from its earlier 5–6% estimate, thanks to visa easing and a wave of large-scale entertainment events.
Regulation and diversification
The Gaming Inspection and Coordination Bureau (DICJ) continues to enforce licensing and concession rules under Macau’s gaming law, requiring operators to invest in non-gaming projects and social responsibility initiatives. These policies aim to balance the casino industry’s recovery with economic diversification goals. While August’s surge sets a new post-pandemic benchmark, seasonal slowdowns may moderate momentum later this year. Even so, market consensus points to 9–10% full-year growth in GGR, supported by strong summer tourism and expanding non-gaming offerings.
Macau Secretary for Economy and Finance, Lei Wai Nong, said the August results highlight both regulatory oversight and the industry’s commitment: “This performance is proof of Macau’s resilience and our broader strategy to strengthen economic diversification beyond gaming.”
