Macau GGR Rises 9.1% in 2025 Despite Softer December Performance

Macau’s gross gaming revenue (GGR) rose 9.1% year-on-year in 2025 to MOP247.4 billion (US$30.9 billion), according to data released by the city’s gaming regulator, even as December delivered a weaker-than-expected finish to the year. The December tally came in at MOP18.2 billion, reflecting a moderation in momentum following stronger results earlier in 2025, with analysts pointing to a more cautious mass-market spend and softer VIP volumes toward year-end. The figures underline a year of steady recovery rather than a rapid rebound to pre-pandemic highs.

Full-year performance was supported by continued growth in premium mass play and improving visitor numbers, although spending patterns remained uneven. Industry watchers noted that while 2025 results exceeded 2024 levels, they still fell short of the 2019 pre-COVID benchmark, highlighting the structural changes underway in Macau’s gaming market. Operators have increasingly focused on margin discipline, non-gaming offerings and yield management rather than chasing volume-driven growth, a strategy that has helped stabilise earnings despite monthly volatility.

Looking ahead, analysts expect Macau’s GGR trajectory to remain positive but measured in 2026, with growth driven by tourism recovery, infrastructure improvements and event-led visitation rather than a return of high-rolling VIP play at scale. Regulatory emphasis on diversification and sustainable operations continues to shape operator strategies, suggesting that while headline growth may moderate, the market is entering a more resilient and balanced phase of development.