Sector Surpasses Forecasts
Macau’s gaming industry continues its recovery trajectory, with year-to-date GGR reaching MOP163.05 billion (US$20.3 billion) through August 2025. This is a 7.2% increase over 2024 and 82% of pre-pandemic levels in 2019.
Authorities initially had an annual revenue target of MOP240 billion but downgraded it to MOP228 billion after sluggish results earlier this year. August’s MOP22.16 billion pushed the eight-month average to MOP20.38 billion monthly, exceeding the revised annual projection and outperforming the original MOP20 billion target.
The momentum signals faster-than-expected stabilization, but challenges persist in closing the remaining 18% gap to achieve 2019 benchmarks.
Analysts Predict Sustained Growth
Major financial institutions project sustained recovery for Macau’s gaming sector, with JP Morgan branding recent activity as a “busy and happy summer”. The institution forecasts double-digit GGR growth through Q1 2026. Morgan Stanley anticipates 15% year-on-year growth in H2 2025, citing high casino demand and operators resuming dividend payments as a signal of sector stability. August’s revenue peak, with no holidays, demonstrates a strengthened mass-market recovery, despite shares lingering below pre-pandemic levels.
Global Position Bolstered
Macau’s gaming supremacy was solidified in August as international results underscored its unmatched scale. While Nevada’s July revenue grew 4% annually to US$1.36 billion, including a 79% baccarat surge on the Las Vegas Strip to US$114.5 million, these figures pale in comparison to Macau’s monthly haul of US$2.76 billion.
The shift in 2025’s recovery follows an uncertain start, with January’s GGR dipping below 2024 levels before rebounding in double digits from June to July. August’s record performance continues a three-month growth streak, showing resilience against sluggish global economic trends. Industry observers note the continued revenue rise suggests operators have adapted to post-pandemic market realities.
