Content Writer: Janice Chew • Friday, 25/10/2025 - 15:50:41 - PM
Macau’s VIP baccarat segment delivered a standout performance in the third quarter of 2025, with gross gaming revenue (GGR) climbing by 29.1% year-on-year to MOP 16.9 billion (≈ US$2.11 billion). Sequentially, VIP GGR also nudged higher by 3.4%. Meanwhile, the mass-market segment advanced more modestly—rising 7.1% year-on-year and 2.6% quarter-on-quarter to MOP 36.5 billion. This dual growth contributed to a total industry GGR of MOP 62.7 billion, up 12.5% year-on-year and 2.4% from Q2.
As a result of the stronger VIP rebound, its share of the overall Macau GGR expanded from 23.5% a year earlier to 26.9% in 3Q25. Conversely, mass baccarat’s share slipped from 61.1% to about 58.2%. This shift underscores some rebalancing in Macau’s gaming mix, though VIP still remains well below its pre-crackdown zenith: at its peak in 3Q13, VIP baccarat accounted for MOP 57.8 billion (≈ 64.6% of industry GGR).
The recent resurgence in VIP gaming occurs against the backdrop of a long-running contraction of the junket system. Macau currently hosts just 29 licensed junkets, well below the government cap of 50. The decline from past heights—when over 200 junkets operated—reflects regulatory tightening, especially after the collapse of key operators such as Suncity and Tak Chun in 2021–22. Under revised laws, junkets no longer share revenue with casinos and are prohibited from issuing credit, tasks now reserved for the casino concessionaires.
While Macau’s VIP revival is encouraging, structural constraints remain. The legacy of junket curbs means the VIP path forward is narrower, and operators are likely to lean more heavily into direct VIP / premium mass models and bolstering the mass-market business. Still, with Macau already reaffirming its full-year 2025 GGR target and analysts projecting further upside, the return of VIP momentum lends welcome support to the city’s broader gaming rebound.