Macau’s gross gaming revenue (GGR) is expected to grow 8% to MOP245 billion (US$30.5 billion) in 2025. This figure is forecast to be lower than last year, but higher than the government’s previously announced forecast of MOP240 billion (US$29.9 billion), according to CreditSights analysts.
The new data is part of the Macau Gaming Monitor research campaign, which was released after the Macau Gaming Inspection and Coordination Bureau published its gaming sector results for Q4 2024 and full financial year 2024. According to the figures, GGR in 2024 will reach MOP227 billion (US$28.3 billion), or 78% of the 2019 level. CreditSights forecasts GGR to rebound to 84% of pre-COVID levels in 2025.
Catalysts supporting Macau’s gaming sector in 2025 include the recent easing of travel restrictions, with more Chinese cities added to the Individual Visitor Scheme in 2024; “multiple entry visas” for residents of Macau’s neighboring cities; further completion of casino renovations, facility upgrades, and entertainment offerings; and improved consumer sentiment due to recent macroeconomic support policies from the Chinese authorities, CreditSights says.
The forecast assumes Macau’s visitor arrivals in 2025 will improve to around 94% of 2019 levels, with GGR per visitor increasing 2% year-on-year to MOP6,606 (US$824).
“Hotel occupancy is expected to improve marginally in 2025, driven by the completion of casino renovations and room conversions by operators such as MGM Macau/Cotai (room conversions), Wynn Macau (a new destination food hall), Sands China (upgrading works at the Londoner), and Melco (relaunch of the House of Dancing Water),” says the CreditSights report.
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