Macau Casinos Achieve New Revenue High, Hitting Pre-Pandemic Levels

Macau’s gaming industry outperformed expectations in October, generating MOP24.09 billion (US$3.01 billion) in revenue. The 15.9% year-on-year increase eclipsed analysts’ 11.7% forecasts. The results represent the highest monthly total since October 2019, prior to the COVID-19 disruptions, surpassing the previous record of MOP22.16 billion set in August.

Analysts estimate the SAR’s gaming recovery now stands at 91% of pre-pandemic levels. Year-to-date revenue stands at MOP205.43 billion through October 2025, an 8% yearly increase and 83.3% of the same period in 2019.

Golden Week Surge

Macau’s October gaming rebound gained early traction during China’s Golden Week, which drew a record-breaking average of 143,000 daily visitors across the eight-day holiday. The 1,144,401 total arrivals demonstrated robust demand for mainland tourism.

Momentum faltered in the second week as Typhoon Ragasa disrupted travel, and the Singapore Grand Prix drew high rollers to its regional rival. Despite these pressures, premium play recovered in the following weeks. Visitor arrivals rose by 10% YoY in September to 2.8 million.

Diversification Fuels Recovery

Analysts attribute Macau’s gaming rebound to stable travel policies in mainland China and restored air/ferry links, which ensure a steady flow of visitors. Casino operators are amplifying non-gaming investments, including concerts, themed exhibitions, and luxury retail, to align with government directives aimed at reducing economic reliance on gambling.

The change shows early success, with operators reporting increased dwell times and cross-sector spending at integrated resorts. Industry leaders anticipate October’s gains to continue climbing through December due to the high-traffic holiday season. However, gaming remains the region’s dominant revenue contributor. Executives emphasized that expanded leisure offerings now serve as critical “demand stabilizers,” attracting a broader demographic while complementing gaming operations.

Investor Caution Persists

Despite Macau’s October gaming revenue nearing pre-pandemic levels, investor sentiment remained reserved. The Bloomberg Intelligence Index for casino operators plunged 10.3%, triple the 3.5% decline on the Hang Seng Index. Analysts linked the concerns to China’s economic slowdown, regulatory uncertainties, and margin pressures, despite improvements in operational metrics.

The sector now faces a critical test in Q4 to sustain revenue at approximately 90% of pre-COVID levels without overreliance on high-stakes VIPs. With MOP22.57 billion needed to meet the government’s MOP228 billion annual target, November and December require an average monthly revenue of MOP11.3 billion. This threshold is considered achievable given recent trends. Analysts stress that consistent performance would validate Macau’s financial stability.