Macau’s thriving casino industry is projected to amass approximately MOP 20.5 billion (around $2.55 billion) in gross gaming revenue (GGR) for November, despite facing some initial turbulence with a 4% drop in weekly revenue at the start of the month. This slight downturn is not as severe as initially feared, and experts largely attribute it to the typical seasonal ebb and flow of tourism. Interestingly, the third quarter saw a robust 14% increase in overall visitor arrivals year-on-year, with arrivals from mainland China rising by 17%.
However, a shift in visitor behavior has been noted, with same-day visitors now comprising 58% of total arrivals, up from 54% a year ago, which has implications for per-capita spending. There was a slight year-on-year decline of 5% in non-gaming spending by mainland tourists in Q3, a significant improvement from the 15% drop observed in Q2. Spending on accommodation and retail appears to be stabilizing, reflecting a positive trend for the city’s broader economic landscape.
Industry insights from Citigroup reveal that during the first nine days of November, Macau’s casinos generated approximately MOP 6.4 billion ($800 million) in GGR, averaging a daily intake of about MOP 711 million ($89 million). Analysts suggest that events like the Waterbomb Macau outdoor music festival provided a minor boost, helping mitigate the decline in gaming revenue. The festival, a popular attraction, likely enticed additional visitors, providing a semblance of balance in the revenue figures.
VIP gaming revenue has experienced a month-on-month decline of 4–6%, while mass-market revenue has decreased by 7–9%. However, it’s worth noting that VIP win rates have remained slightly higher than average, offering some relief in this challenging environment. Citigroup has maintained its conservative forecast of MOP 20.5 billion ($2.55 billion) for the entire month, suggesting an average daily revenue of around MOP 671 million ($83 million) for the remainder of November.
Looking back, Macau recorded $2.3 billion in revenue for November 2024, marking a notable 14.9% year-over-year increase, which outperformed analysts’ expectations of a 13% growth rate. This indicates that this year’s November figures continue to reflect an upward trajectory in profitability. The steady growth in revenue can be largely attributed to the diversification of offerings in Macau, an evolution that has been particularly noticeable in the years following the COVID-19 pandemic.
Last year, the Gaming Inspection and Coordination Bureau highlighted not only the annual growth but also the challenges faced by the industry in November. Despite an 11.3% drop in revenue from October, the strong year-over-year increase demonstrates the resilience of Macau’s gaming sector. Between January and November of 2024, the casinos collectively generated nearly $26 billion in revenue, marking a 26.8% increase over the same period in 2023.
This positive trend appears to be continuing into 2025, with diversification being a key driver of increased visitor spending. For the first ten months of 2025, Macau generated just over MOP 77.47 billion ($9.68 billion) in gaming-related fiscal revenue, reflecting an increase of nearly 6.1% compared to the same timeframe the previous year. The ability of Macau to adapt and enhance its non-gaming offerings has played a crucial role in sustaining this growth.
Some industry observers, however, caution that a reliance on new types of entertainment and increased non-gaming revenue may not fully compensate for potential downturns in traditional gaming sectors. They argue that while diversification is beneficial, the core appeal of Macau remains its casinos, which continue to be the primary draw for many visitors. The balance between maintaining these traditional strengths and exploring new opportunities is delicate yet essential for future growth.
The expansion of Macau’s entertainment and hospitality sectors has undoubtedly contributed to the region’s economic resilience, positioning it as a versatile destination for tourists. A senior analyst noted, with a sense of optimism, that Macau’s ability to innovate and adjust its offerings will likely serve as a foundation for continued success. As the region looks toward the future, this strategic pivot could very well be the key to sustaining long-term growth in an ever-evolving global market.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
