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Macau casino revenue quietly crossed an important threshold in 2025. After years of uneven recovery, the market delivered its strongest annual performance since before the pandemic, showing how deeply player demand has reset rather than faded.
The rebound did not follow a straight line. Instead, it came through steady gains, stronger late-year activity, and a clear shift in who drives casino spending across the city.
Good to Know
- Macau casino revenue reached the highest level since before the pandemic
- Annual gaming revenue exceeded analyst forecasts for 2025
- Mass and premium mass players now anchor growth
Annual casino revenue climbs back toward pre-2020 levels
Casinos in Macau generated MOP247.4 billion, or about $30.9 billion, in gross gaming revenue during 2025, according to data from the Gaming Inspection and Coordination Bureau.
That total represented a 9.1 percent increase from 2024 and placed the market at roughly 84.7 percent of its 2019 level. Even so, Macau casino revenue still finished more than double the annual gaming win recorded on the Las Vegas Strip.
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Late-year momentum reshaped the annual picture
Revenue accelerated as the year progressed. December delivered MOP20.89 billion, or about $2.6 billion, rising 14.8 percent year over year. The figure slipped 0.9 percent from November but still ranked as the sixth-strongest month of 2025.
October stood out as the peak month, surpassing $3 billion in revenue and posting the highest monthly total since 2019.
The year opened on softer footing, with January revenue down 5.6 percent. Every other month posted year-over-year gains, gradually lifting the annual result above expectations.
A different operating model takes hold
Macau casino operators continue to adapt to a landscape reshaped by policy changes from Beijing. The closure of the junket system removed a major driver of VIP play, forcing operators to recalibrate.
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Under 10-year licence extensions approved in 2022, the city six casino operators also committed billions of dollars toward non-gaming projects aimed at economic diversification.
Rather than relying on high-roller volumes, operators leaned into premium mass and mass-market play. That shift proved durable, allowing the market to outperform analyst expectations of roughly $30 billion for the year.
Analysts point to structural support for growth
Industry analysts attribute the recovery to several reinforcing factors. Marketing spend increased, player reinvestment improved, and money movement became easier for visitors. Visa issuance also remained smooth, helping maintain travel demand.
Vitaly Umansky of Seaport Research Partners framed the outlook in long-term terms. He noted”
“Macau remains a secular growth story, driven by an increasing wealth effect in China with high propensity to gamble and increasing travel spend. We continue to see Macau as a secular long-term growth market.”
2026 expectations stay constructive
Analysts expect recovery trends to extend into 2026, supported by gradual improvement in the China economy and freer travel from the mainland. With the mass market firmly in place and operators aligned around a new revenue mix, Macau gaming revenue enters the year with a stronger base than at any point since 2019.
The post Macau Casino Revenue Hits Post Pandemic High in 2025 appeared first on iGaming.org.