Macau’s Gross Gaming Revenue (GGR) is recovering from COVID, and the trend is expected to continue through 2025, according to the latest Macau Gaming Monitor report from financial research group CreditSights.
The assessment follows the release of Macau’s February GGR figures, which showed a 6.8% year-on-year increase and were up 8.2% from January.
While the sequential improvement was driven by higher tourist traffic during the second half of the Chinese New Year holiday, CreditSights said the figures “also highlight the normalization of GGR growth in the Macau gaming space.”
The research group added that this is “a trend we expect to continue through 2025.”
Indicators to watch in the coming months include visitor levels from mainland China, which remains Macau’s main market, a possible further increase in international arrivals, and the proportion of those who gamble.
In February, total tourist arrivals fell 4% year-on-year due to lower visits from mainland China, although this was offset by higher international arrivals. In particular, arrivals from South Korea rose 42%, from Japan and Thailand both up 26%, and from Singapore up 25%.
“Data through February 25 suggests that the visitor mix likely included a higher proportion of casino visitors – and perhaps also from wealthier regions during the month – helping to push average GGR per visitor up 12% year-on-year to MOP6,274 ($783),” CreditSights said.
Annual GGR (January and February) of MOP38.0 billion ($4.74 billion) grew 0.5% year-on-year, slightly below the government’s forecast of 6% growth for FY2025.
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