Macau’s September Casino Earnings Climb 6% YoY Despite Typhoon Disruptions

Macau’s gaming sector posted a 6% year-on-year gross gaming revenue increase to MOP18.29 billion (US$2.28 billion) in September, though it fell short of analysts’ 9% projections. The Gaming Inspection and Coordination Bureau, which made the announcement, attributed the performance to Super Typhoon Ragasa’s operational halt, which worsened an already sluggish season.

While August’s MOP22.16 billion (US$2.76 billion) marked a post-pandemic peak since January 2020, September’s figures slid MOP3.86 billion month-on-month. This makes it the second weakest month of the year so far. The figure remains 17% below pre-pandemic levels in 2019, highlighting the ongoing recovery challenges for the SAR.

Typhoon Disruptions

Macau’s gaming sector faced heightened challenges in September, which is already a slow period that bridges the summer tourism peak and October’s Golden Week. This year’s seasonal decline intensified as Super Typhoon Ragasa battered the region. The tropical cyclone caused a 33-hour casino shutdown when authorities issued Signal No. 10, the highest storm alert.

The suspension was the first full-scale operational halt since 2020. Venues were permitted to reopen only after warnings eased to Signal No. 3 from 2.00 am on September 25.

Analysts quantified the storm’s financial toll, with CLSA’s Jeffrey Kiang estimating MOP880 million in lost revenue. Meanwhile, IGamiX’s Ben Lee projected a 5% reduction in monthly revenue potential. The disruptions added to existing seasonal pressures.

Recovery Momentum

Macau’s casino industry recorded MOP181.3 billion (US$22.6 billion) in GGR during the first nine months of 2025, marking a 7.1% year-on-year improvement. The average monthly haul of MOP20.14 billion (US$2.51 billion) exceeded the government’s projections by 6%, indicating a steady post-pandemic recovery. Gaming tax also surged 5.3% to MOP61.88 billion (US$7.71 billion).

However, the sector’s year-to-date numbers remain 18% below 2019’s pre-pandemic levels of MOP220.2 billion (US$27.4 billion). September’s GGR outcome narrowly missed forecasts. Citigroup anticipated MOP19.5 billion (US$2.42 billion), and the Hongkong and Shanghai Banking Corporation Limited (HSBC) estimated up to MOP19.4 billion (US$2.4 billion).

Optimism Persists

Macau’s casino sector pins its recovery hopes on October’s eight-day Golden Week, projected to drive daily GGR above MOP1 billion. With such figures, October is expected to be the strongest month in 2025. Seaport Research Partners forecast a 9% year-on-year growth for H2 2025 despite the government trimming its annual target from MOP240 billion to MOP228 billion.