Analysts attribute the 5% year-on-year revenue increase to heightened activity during popular Chinese national holidays in May.
In May, Macau's gross gambling revenue (GGR) rose to MOP21.19 billion, marking a 5% increase compared to May 2024 and a 12.4% rise from April 2025.
This figure represents the highest monthly total since before the Covid-19 pandemic, pushing year-to-date GGR close to MOP100 billion ($12.38 billion). According to analysts, the surge was driven by increased visitor activity during major Chinese national holidays and the benefit of an additional weekend in the month.
Macau’s previous post-pandemic monthly peak was in October 2024, when gross gambling revenue reached MOP20.79 billion. The May figure exceeded this by 2%, according to data from the Gaming Inspection and Coordination Bureau.
With the May results, Macau’s year-to-date revenue reached MOP97.71 billion, representing a 1.7% increase compared to the same period in 2024.
Macau beats estimates in May
Analysts at Seaport Research Partners noted that Macau exceeded expectations in May, benefiting from an additional Saturday during the month. They explained that weekends typically generate around 20% more revenue than weekdays on average.
This year, Macau’s Dragon Boat Festival occurred earlier—from May 31 to June 2—compared to mid-June in 2024, which also contributed to increased activity during the period.
Seaport had projected a 5.3% year-on-year revenue growth for Macau in May.
Looking ahead to June, Seaport forecasts a 3.4% year-on-year increase in revenue, though a 13.7% decline compared to May. Analysts highlighted that Macau is likely to benefit from several major concerts and the early Dragon Boat holiday.
However, the analysts cautioned that their June forecast is “conservative,” as the upcoming typhoon season could affect performance.
For the full year, Seaport expects Macau’s gross gaming revenue to grow by 4%, driven by stronger marketing efforts from operators and improving consumer sentiment in China.
“Stimulus measures and policy support in China are expected to bolster the economy and enhance consumer confidence later this year,” Seaport stated in a note published Sunday.
