Macau’s November Gaming Momentum Eases as National Games Tighten Hotel Supply

In mid-November 2025, Macau’s casino sector saw a modest pull-back in the growth pace of its gross gaming revenue (GGR). According to a note from Citigroup, industry-source data suggest that for the first 16 days of November, the GGR was approximately MOP 11.1 billion (≈ US$1.39 billion) — translating into a daily run-rate of around MOP 671 million (≈ US$83.7 million). This represents a moderate slowdown compared with earlier in the month.

One of the main contributing factors to this moderation appears to be the hosting of the National Games across Guangdong, Hong Kong and Macau from 9–21 November. Several Macau hotel rooms have reportedly been occupied by the athletes and their staff — reducing available accommodation for typical gaming tourists, which in turn may have shortened average plays and stay periods among casino visitors. Segment-wise, Citigroup estimated that VIP gaming volumes were down about 6–8 % versus October, and mass-market GGR down roughly 8–10 %. Despite the volume drop, VIP hold rates appeared broadly stable, which gives some support to the overall outcome. 

Despite the moderation, the outlook for the full month remains positive. Analysts continue to forecast a full‐month GGR figure of approximately MOP 20.5 billion (≈ US$2.55 billion) for November, aligning with an expected daily run‐rate of around MOP 671 million for the remainder of the month. The data suggests that while the momentum has dipped slightly, the underlying demand remains resilient and above what pre-pandemic norms might have implied.

For industry stakeholders, this development carries both an element of caution and reassurance. On the caution side, the event-driven occupancy impact highlights the fragility of hotel-room supply and its relationship to gaming performance. On the reassurance side, the ability of Macau’s gaming market to post robust baseline numbers even during such occupancy disruptions reinforces the strength of current fundamentals. Moving forward, watching how hotel‐room availability, stay duration and VIP vs mass trends evolve will be key in assessing Macau’s near-term trajectory.