In July 2025, Macau recorded a historic figure in the gaming industry. Gross gaming revenue (GGR) reached MOP 22.13 billion (approximately £1.8 billion), marking the best monthly performance since January 2020, just before the emergence of the pandemic. This growth represents a 19% increase compared to July 2024 and an increase of approximately 5% compared to June 2025, which had already recorded 21.06 billion MOP.
What is driving this explosion in revenue?
Analysts point to a dynamic recovery in the ‘premium mass’ and ‘high-roller’ segments. According to Citigroup, high-stakes players’ spending jumped 32%, despite a typhoon in the middle of the month that could have slowed activity. Operators such as Sands China, Galaxy Entertainment and MGM China have stepped up their efforts to attract this clientele: luxury suites, new VIP tables, shows and concerts (such as Jacky Cheung‘s residencies at the Galaxy Arena) are now at the heart of their strategy.
Visitor numbers in July remain below the peak reached in May (when the daily average exceeded 109,600 visitors), but the figures continue to rise. Total visitor numbers for the first half of the year reached 95% of the levels recorded for the same period in 2019. For the first seven months of 2025, cumulative GGR was 140.8 billion patacas (approximately 15 billion euros), an increase of 6.5% compared to the same period in 2024.
What is the status of the 2025 budget target?
The Macau government has already revised its annual target downwards: initially set at MOP 240 billion (€25 billion), it was reduced to between MOP 228 and 229 billion (€24 billion) when the 2025 budget was amended. However, with growth of 19% for two consecutive months, Morgan Stanley analysts have revised their annual forecast upwards, now expecting +10% growth in GGR for the year. Seaport Research Partners, meanwhile, is forecasting +9%.
Economic analysis: between recovery and caution
In the first half of 2025, tax revenues from gaming accounted for approximately 86% of the region’s total public revenues, which are crucial to the government’s budget. This tax monopoly accentuates Macau’s dependence on its gaming sector, especially as budget surpluses allow for social and infrastructure spending.
Despite this upturn, certain obstacles remain. The Chinese economy and its key sectors, such as real estate and international trade, are experiencing tensions, which could limit the spending power of high-roller VIPs. Furthermore, although visitor numbers are rising, they remain below 2019 levels, with cumulative revenue for January–July at 81% of pre-Covid levels for the same period.
Outlook: what trajectory for the end of the year?
At this rate, experts estimate that overall GGR in 2025 could reach or exceed 2019 levels, or even between late 2025 and early 2026, provided that tourist consumption remains robust and no major crises arise.
Macau’s transformation into a destination less dependent on gaming alone, with the integration of cultural and entertainment events, seems to be bearing fruit. Operators are now diversifying their offerings while enhancing their appeal to a wider customer base.
In July 2025, Macau confirmed its spectacular recovery: record GGR of 22.13 billion patacas, up 19% year-on-year, and a well-established recovery compared to 2019. While voices of caution are being raised in the face of macroeconomic risks, the outlook is encouraging: the year could well end with a definitive return to pre-pandemic levels.