---
title: "Macau Casinos Hit New Post-COVID High in 2025 Despite December Slump"
description: "Macau’s casino sector marked its strongest annual performance in 2025 since the COVID-19 pandemic, despite December revenue missing seasonal expectations."
author: "Lucas Dunn"
date: "2026-01-04T14:22:25+02:00"
url: "https://www.casino.com/news/world/macau-casinos-hit-new-post-covid-high-in-2025-despite-december-slump/"
source: "https://instantly-lasting-parrot.edgecompute.app/news/world/macau-casinos-hit-new-post-covid-high-in-2025-despite-december-slump/"
---

## Key Takeaways

-   Macau’s 2025 gaming revenue hits MOP247.4 billion

-   Full-year GGR total remains 15.4% below 2019 pre-pandemic levels

-   VIP and premium mass gaming segments drive recovery

[Macau](https://www.casino.com/news/world/macau-casinos-lower-mass-baccarat-minimums-after-satellite-shutdowns/) ’s gaming industry saw a **9.1% annual revenue surge** in 2025 to MOP247.4 billion (US$30.86 billion), according to data from the **Gaming Inspection and Coordination Bureau**. This marks its best performance since COVID-19 disruptions began in early 2020.

While the full-year figures reflect recovery momentum, December results fell short of seasonal forecasts, resulting in a monthly decline. The sector remains in rebuilding mode, with 2025 totals still **15.4% below pre-pandemic 2019 levels** (MOP292.46 billion), highlighting lingering challenges despite progress.

## December Gains Trail Forecasts

Macau’s casinos closed 2025 with MOP20.89 billion (US$2.61 billion) in December gaming revenue, marking a **14.8% annual improvement** but falling 0.9% short of November’s MOP21.09 billion haul. The dip disappointed analysts who had projected a new post-pandemic monthly record following November’s stronger-than-anticipated results.

Deutsche Bank analysts noted that the month underperformed historical patterns, with a **4.1% daily average decline** from November and an 8.5% gap compared to December 2019. While year-end revenue growth signals continued recovery, the bank emphasized the sector remains “ _below typical seasonal trends_,” with December figures lingering at 91.5% of pre-COVID benchmarks. Market watchers cite the soft finish as evidence of uneven recovery momentum despite annual gains.

## Recovery Defines Seasonal Dip

Deutsche Bank analyst **Steven Pizzella** highlighted December’s **480-basis-point** deviation from 2013-2019 norms, which typically saw a 70-basis-point gain. The month’s 8.5% shortfall against 2019 levels continued a narrowing trend from September’s 17.2% gap and October’s 8.9% deficit.

While acknowledging recovery “ _may be stabilizing_,” the bank cautioned progress remains slower than historical seasonal trends suggest, with December’s 14.8% annual growth undershooting its 17-22% channel-check forecasts.

## 2026 Outlook

Macau’s 2025 gaming revenue outperformed the [government’s revised MOP228 billion forecast](https://www.casino.com/news/world/macau-government-lowers-gaming-revenue-forecast-to-mop228b-amid-caution/) by 8.5%, despite mid-year downward adjustments. Officials maintain guarded expectations for 2026, with the November fiscal budget projecting MOP236 billion, a figure Secretary of Economy and Finance **Tai Kin Ip** defended as “ _prudent_ ” given Macau’s vulnerability to international economies during legislative discussions.

Analysts signal measured optimism, with Deutsche Bank forecasting **10.9% year-on-year growth** for January 2026 (US$2.53 billion) and a 5.8% full-year projection. The bank’s 2027 estimate of US$34.4 billion suggests a gradual recovery.

**Seaport Research Partners** attributed 2025’s gains to revitalized VIP and premium mass segments, fueled by streamlined visa processes, enhanced liquidity channels, and operator reinvestment strategies.