Date of Publication: December 1, 2025, 10:32h.
Updated on: December 1, 2025, 10:32h.
- Macau casinos generated $2.63 billion in revenue for November
- The year 2025 has been prosperous for casinos in this Chinese territory
- The future of the ongoing growth hinges on China’s economic performance in 2026
In November, Macau’s gaming revenue hit MOP21.09 billion (approximately US$2.63 billion), representing the 10th month consecutively with a year-over-year increase in gross gaming revenue (GGR).
Following October when casino GGR exceeded $3 billion, the highest since the onset of COVID-19, November represents the typically slower month after the busy Golden Week, which saw over 1.3 million visitors from October 1-8.
Despite seasonal trends, November upheld the positive gaming trend for 2025, with the $2.63 billion yield showcasing a 14.4% increase compared to November 2024. Overall, casino revenue for the first 11 months stands at MOP226.5 billion (US$28.26 billion), reflecting an 8.6% rise year-over-year.
The revenue for November reached 92% of the figures recorded in November 2019, representing the highest recovery level post-pandemic.
The November GGR report has positively impacted stocks of publicly traded Macau casino operators, including Las Vegas Sands, MGM Resorts, Wynn Resorts, and Melco Resorts, all of which saw higher trading prices on Monday.
Projections for the Year Nearly Achieved
With just one month remaining, Macau’s casinos are on track to meet the Special Administrative Region Government’s annual revenue forecast of MOP228 billion (US$28.44 billion). The government sets these projections as part of its annual budget strategy, with casino taxes constituting around 80% of its income.
Macau’s investment in non-gaming sectors is yielding dividends. Casinos have poured billions into developments beyond gaming, positioning Macau as a destination for both entertainment and leisure.
Macau has quickly become a hotspot for K-pop, attracting major artists who now include the area in their tours—exclusive to this location where casino gaming is legal in China.
The number of high rollers in Macau has significantly decreased since the pandemic, largely due to China’s tighter regulations on the flow of money into the gaming enclave. Junket operators, who previously facilitated VIP travel, are now mostly inactive.
Consequently, Macau has shifted its focus from high-stakes VIP players to what is termed the “premium mass” market—players making substantial bets at baccarat tables.
Analysts have noted that November benefited from robust mass market participation, with a Citigroup report highlighting the sustained strength in this sector.
Looking Ahead to 2026
The ongoing recovery of Macau will largely depend on the economic landscape in China. Goldman Sachs forecasts growth rates between 4.4% and 4.6% for the Chinese economy in the coming year.
The Chinese government aims to boost domestic spending and may provide additional financial support to aid this effort. Other measures being implemented by Beijing encompass lowering interest rates, increasing liquidity for national banks, and providing subsidies for housing.
The Macau administration has predicted a projected GGR of $29.4 billion for 2026, a target that appears achievable under the present economic circumstances.