Since May, Macau’s casino revenues have consistently exceeded analyst expectations. This strong performance has fueled a nearly 60% surge in gaming stocks—a rally that analysts believe is likely to continue.
Macau is experiencing a boost in gross gaming revenue, driven by a rise in tourism, popular entertainment offerings, enhanced transportation, and a resurgence in VIP gambling. The addition of new luxury hotels is also helping draw and retain more visitors to the city.
Bloomberg reports that since April, Macau casino stocks have climbed 59%, as gross gaming revenue continues to exceed analyst forecasts.
Casinos in Macau saw gross gaming revenue (GGR) hit MOP$21.19 billion (US$2.62 billion) in May — marking a 5% increase year-on-year and a 12.4% rise from April. It was the strongest monthly performance since border reopenings in January 2023.
The momentum carried into June, traditionally a quieter period following Golden Week, with GGR reaching MOP$21.06 billion — a 19% year-on-year jump.
By mid-July, gaming venues had already brought in MOP$18.6 billion for the month, up 11.6% from the same period in 2024. That pushed total GGR for the year to MOP$132.35 billion, reflecting a 36.7% gain over last year. In light of this steady growth, Seaport Research Partners raised its annual forecast, now expecting a 7% increase in full-year GGR and up to 9% growth in the second half.
More tourists, tourism attractions
According to the Macau Government Tourism Office, the city welcomed 19.22 million visitors in the first half of the year — a 14.9% rise compared to the same period in 2024. Eased visa rules and enhanced transport links have contributed to the steady increase in arrivals.
Mainland China remains the primary source of tourists, making up around 70% of the total. However, international tourism is gaining ground. Over 2.4 million visitors from outside Asia traveled to Macau last year, a 66% jump year-on-year. To attract a broader audience, the city continues to expand its lineup of non-gaming attractions, including sports, cultural events, and live entertainment.
Notably, major concerts have helped drive tourism and spending. June’s strong performance was partly attributed to the "spillover effect" from headline shows featuring Cantopop and K-pop stars. One standout example was Hong Kong singer Jacky Cheung’s residency at Galaxy Macau.
On Cheung’s opening night, Citi reported a 16% uptick in premium table players and a 36% increase in average bets — highlighting the impact of high-profile entertainment on gaming revenue.
VIP play up, but mass still on top
VIP gaming revenue in Macau grew 11% year-on-year in the first half of 2025, outpacing the mass market’s modest 2% rise. High rollers accounted for roughly 26% of total gross gaming revenue (GGR), while mass-market players contributed the remaining 74%, reaffirming their dominant role, according to Macau Business.
The publication referenced a CreditSights report, a unit of Fitch Ratings, which noted that total GGR for the first half reached MOP118.8 billion — a 4% increase year-on-year. This puts Macau slightly ahead of pace (about 52%) to meet its full-year government target of MOP228 billion for 2025.
Despite the growth in overall revenue, average spending per visitor fell. Each tourist spent around MOP6,180 during the first six months of the year, down 9% compared to the same period last year. CSLA attributed this dip to Macau’s continued expansion into non-gaming activities like concerts and cultural events, which are attracting more leisure travelers than traditional gamblers.
CreditSights echoed that observation, suggesting per-capita spend may stay lower as much of the growth in visitation is coming from less affluent regions of China, where disposable income tends to be lower.
