Macau is set to experience one of its most prosperous Golden Week holiday periods since the COVID-19 pandemic, with analysts predicting an impressive average daily gambling revenue of MOP 1.05 billion ($131 million) over the extended eight-day holiday. This resurgence reflects Macau’s growing appeal as a prime holiday destination, thanks to its focused diversification efforts in recent years.
The October Golden Week, scheduled from September 29 to October 6 this year, has always been a bustling period for Macau. However, investment banks suggest the resultant economic boost could extend well beyond the festive week. Citigroup analysts George Choi and Timothy Chau recently emphasized that Macau casinos are likely to implement strategies to retain high-value patrons beyond the holiday period.
The primary challenge for Macau, according to Choi and Chau, is to capitalize on the momentum generated during Golden Week. Casino operators have curated a packed schedule of high-profile events, giving visitors compelling reasons to extend their stay. Highlights include the NBA China Tour games featuring the Phoenix Suns and Brooklyn Nets at the Venetian, as well as Jackson Wang’s concert at Galaxy Arena.
Events like these are part of a strategic move by casino operators to keep premium players engaged. According to Choi and Chau, the calendar crafted by these operators over the coming months is designed to sustain interest among these lucrative visitors.
Acknowledging the positive outlook, Citigroup has increased its full-year 2025 gross gaming revenue (GGR) growth forecast to 10% year-over-year, up from an initial 7% prediction. This suggests a 14% growth rate for the remainder of the year, with total GGR anticipated to reach MOP 248.6 billion ($31 billion). Their optimism extends into 2026, with a revised prediction of 7% growth, indicating a strong belief in Macau’s ongoing recovery.
Several industry experts share this optimism, forecasting a remarkable second-half performance for Macau’s casino sector. Jefferies, for instance, has also adjusted its 2025 forecast to MOP 248 billion ($31 billion), projecting growth between 13% and 15%. They credit the surge to successful summer initiatives, including blockbuster entertainment, appealing promotions, new luxury projects like the Capella hotel by Galaxy Macau, and renovations of older venues such as The Londoner Macao.
JP Morgan has been at the forefront in recognizing Macau’s recent upswing. In August, the bank upgraded its forecasts for the third time in three months, elevating Q3 projections by 12% and Q4 by 16% year-over-year. The analysts pointed to factors such as increased liquidity in Hong Kong, a strengthening yuan, and rising trends in stock and crypto markets as contributors to enhanced consumer spending power.
While Golden Week serves as a crucial test for these optimistic forecasts, the longer-term prospects for Macau lie in a potential shift towards year-round attractions and a more diversified tourism offering. By targeting non-gambling tourists with concerts, sports events, and culinary festivals, Macau might be on the brink of a new era of steady growth that doesn’t rely solely on seasonal peaks.
However, not everyone is convinced of unmitigated success. Some experts caution that while diversification is a step in the right direction, it comes with challenges. The transition to a more varied tourist profile could stretch resources, requiring significant investments in infrastructure and marketing. They note that while the current economic indicators are promising, unforeseen global economic shifts could impact this recovery trajectory.
Moreover, some analysts suggest that Macau’s heavy reliance on high-spending tourists may still pose a risk. The market could face vulnerabilities if there are shifts in international travel sentiments or economic downturns in key visitor countries. As such, while the outlook remains largely positive, maintaining a balanced and resilient economic strategy will be crucial.
Despite these challenges, there is a strong consensus that Macau’s strategic focus on diversifying its tourism appeal could bring sustained benefits. By enriching its cultural and entertainment offerings, Macau is not only solidifying its status as a gaming hub but also as a vibrant, multi-faceted travel destination. With the Golden Week serving as a launching pad, the future for Macau’s integrated tourism and entertainment industry looks promising if it can successfully navigate the complexities of its evolving landscape.
David Garato is a luminary in gaming journalism, renowned for peeling back the curtain on the gaming world with his witty and insightful commentary. A decade into weaving stories from the pixelated edges of indie games to the expansive universes of AAA titles, David’s work is a thrilling blend of analysis and adventure. When not writing, he’s live-streaming, sharing his gaming exploits with an engaged and growing audience. David doesn’t just write about games; he lives them, making him a trusted guide in the gaming community.
