Post-Pandemic Recovery Momentum
Macau’s gaming sector maintained its upward trajectory through July 2025, with cumulative GGR for the first seven months reaching MOP140.9 billion (US$17.44 billion), marking a 6.5% YoY increase. The total now stands at 61.8% of the government’s annual MOP228 billion target.
While this reflects steady progress, it is still 12.2% below pre-pandemic levels in 2019 (MOP174 billion), indicating the industry still has some ground to cover before full recovery. Notably, May to July marked the first three-month streak since 2019 with monthly GGR exceeding MOP20 billion, reversing an early-year slump when January’s revenue dipped 6%. The six consecutive months of growth signal strengthening demand as post-pandemic challenges continue to fade.
Visitor Numbers on the Rise
Macau’s 2025 revenue resurgence post-pandemic is coupled with rising visitor numbers nearing pre-COVID levels. By June, the SAR recorded 19.2 million tourists, 95% of 2019’s H1 traffic and 114% above 2018 figures.
The region has faced out high-roller junket networks, redirecting focus to premium-mass players and family-oriented tourism through investments in non-gaming amenities. While gaming revenue remains below 2019 levels, it aligns with Beijing’s diversification mandates.
Six casino operators have adjusted services to attract broader demographics, ensuring table game accessibility alongside luxury retail and entertainment. This evolution steers away from Macau’s former VIP-centric model.
More Growth Expected in Q4
Macau’s gaming recovery shows no signs of slowing, and Citigroup projects 6% H2 GGR growth driven by premium gaming offerings, event-led tourism, and stabilizing regional economies. CBRE analysts highlight July’s record performance as evidence of resilience, crediting its acceleration to enhanced non-gaming investments and revived high-roller appeal.
While year-to-date revenue is below 2019 levels by 19%, analysts have high hopes considering H1’s performance. However, they caution that footfall growth lags behind revenue gains, calling for volume-driven recovery before October’s Golden Week.
