Macau’s casino industry saw a boost in May 2025, with gross gaming revenue (GGR) reaching MOP$21.19 billion (US$2.62 billion), marking a 5% increase compared to the same month last year. This figure also represents a 12.4% rise from April’s revenue, making it the highest monthly total since the onset of the COVID-19 pandemic.
Good to know
- The May GGR is approximately 82% of the revenue recorded in May 2019, indicating a strong recovery trajectory.
- The May Golden Week holiday significantly contributed to this surge, with daily GGR during the period estimated at over MOP$1 billion.
- The opening of new luxury accommodations, such as the Capella at Galaxy Macau, played a role in attracting high-spending visitors.
The five-day Golden Week holiday, spanning May 1 to May 5, brought an influx of tourists to Macau, with daily arrivals averaging over 170,000. This surge in visitors led to increased activity in both the mass-market and VIP gaming segments. Analysts from Citigroup noted that VIP gaming volumes rose by 25% to 30% month-on-month, while mass gaming revenue increased by about 10% during this period.
The debut of the Capella at Galaxy Macau in early May also contributed to the revenue boost. The luxury hotel features 36 villas and 57 themed suites, along with a premium gaming floor, attracting affluent guests and enhancing the overall gaming experience.
Year-to-Date Performance
From January to May 2025, Macau’s total GGR amounted to nearly MOP$97.71 billion (US$12.1 billion), reflecting a 1.7% increase compared to the same period in the previous year. While this growth is modest, it indicates a steady recovery for the region’s gaming industry.
However, it’s worth noting that the government’s annual GGR target of MOP$240 billion requires an average monthly revenue of MOP$20 billion. With May’s performance exceeding this benchmark, there is cautious optimism about meeting the year’s target, especially if the momentum continues into the second half of the year.
Outlook and Challenges
While the recent figures are encouraging, Macau’s gaming industry still faces challenges. Economic uncertainties, such as fluctuations in China’s economy and global trade tensions, could impact future performance. Additionally, the shift from VIP to mass-market gaming requires operators to adapt their strategies to cater to a broader audience.
Analysts suggest that continued investment in non-gaming amenities, such as entertainment and dining options, could help attract a more diverse visitor base and sustain growth. The success of recent events and new hotel openings indicates that enhancing the overall visitor experience is key to the industry’s long-term recovery.
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