Macau’s casino gross gaming revenue (GGR) experienced a 0.8% year-on-year increase in March, reaching approximately MOP 19.66 billion (US$2.45 billion), according to data released by the city’s Gaming Inspection and Coordination Bureau. However, the GGR in March marked a slight decline of 0.4% compared to February’s MOP 19.74 billion.
With the March results, the total GGR for the first quarter of 2025 has amounted to nearly MOP 57.66 billion, reflecting a 0.6% increase over the same period in 2024. In comparison to the pre-pandemic period, the March GGR was 76.1% of the MOP 25.84 billion recorded in March 2019.
JP Morgan Securities (Asia Pacific) Ltd. noted in a mid-March report that they anticipate Macau’s GGR growth to accelerate in the latter half of 2025. The brokerage projects a year-on-year growth of 5% to 6%, driven by more favorable comparisons in the second half of the year, following what is expected to be a period of flat growth in the first half. Overall, JP Morgan analysts foresee a modest 3% growth for Macau’s GGR in 2025.
This forecast suggests that while the first half of the year might show limited growth, there is an expectation of a stronger rebound in the latter part of 2025, driven by factors such as an improved comparison base and potential recovery in gaming activity.
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