Macau, October 2025 — The Golden Week holiday period has delivered Macau’s most robust gaming results since 2019, as both JP Morgan and Citi analysts report a powerful rebound led by the premium mass and high-roller segments.
According to JP Morgan, Macau’s gross gaming revenue (GGR) for the first five days of October reached MOP 5.5 billion, averaging MOP 1.1 billion per day — the best “Golden Week print” in more than five years. Analysts DS Kim, Selina Li, and Lindsey Qian described the recovery as “solid and sustainable,” noting that the full-month forecast remains at MOP 23 billion, up 11–13% year-on-year.
The strong performance was supported by an eight-day holiday coinciding with both China’s National Day and the Mid-Autumn Festival, bringing heavy mainland visitation despite brief disruptions from Tropical Storm Matmo. Data from Macau’s Public Security Police (PSP) recorded nearly 690,000 arrivals and departures through city checkpoints on October 7 alone.
Complementing JP Morgan’s outlook, Citi Research noted that premium and VIP players remained “exceptionally resilient,” helping cushion revenue volatility in the broader mass market. Citi’s analysts reported that premium mass gaming volumes are now tracking 20–25% higher than in 2019, while high-roller activity continues to outperform expectations despite regulatory tightening and junket reforms.
The bank emphasized that operators like Galaxy Entertainment, Wynn Macau, and Sands China are benefitting from focused investments in luxury non-gaming offerings, helping sustain visitation and length of stay among affluent players. “The Golden Week results reaffirm that Macau’s recovery is quality-driven, not quantity-driven,” Citi wrote.
Together, the two reports reinforce optimism that Macau’s post-pandemic recovery is not only intact but strengthening, as the city consolidates its position as Asia’s premium gaming hub. Analysts now see momentum extending into Q4 2025, setting the stage for the territory’s best full-year performance since pre-COVID levels.
