Macau’s gaming industry posted another strong month in August. The Gaming Inspection and Coordination Bureau (DICJ) reported gross gaming revenue (GGR) of MOP22.15 billion (US$2.76 billion), a 12.2% increase year-on-year and a slight 0.13% rise from July. The figure surpassed the government’s projection of MOP19 billion per month.
Seaport Research noted that August delivered the “strongest GGR since Covid and marked the third straight month of double-digit annual growth.”
Analyst Vitaly Umansky added that a potential US-China trade deal could “further strengthen consumer confidence, boosting travel and spending in Macau.” He highlighted that any lift in Chinese consumer confidence would support the recovery of the overnight base mass segment.
For 2025, the government initially targeted MOP240 billion in GGR. However, after a slower-than-expected start to the year, projections were revised to MOP228 billion, suggesting just 0.5% annual growth—well below the earlier forecast of nearly 6%.
Stronger second half underway
Macau’s casinos were “busier than usual for the season” in August, according to Morgan Stanley analysts. Hotel occupancy reached as high as 90%, per the DICJ, with demand fueled not only by gaming but also by non-gaming attractions such as concerts and sporting events. Morgan Stanley projects Macau’s gross gaming revenue (GGR) will climb 15% year-on-year in the second half, Macao News reported.
While September typically brings a dip in visitation, analyst Vitaly Umansky still expects 13% year-on-year growth, supported by stronger marketing, easier fund outflows, and steady visa issuance.
Looking further ahead, Seaport Research forecasts GGR growth of 6.5% in 2026 and 7% in 2027, citing rising hotel occupancy, a stronger base-mass recovery, and expanded capacity.
Earlier this year, JP Morgan had downgraded its outlook for 2025 GGR due to “mounting macro headwinds” tied to the US-China trade conflict. But in a note released Monday, the bank’s tone shifted. Analysts described Macau as being in an “upcycle,” boosted by wealth effects, stronger consumer confidence, and regional stock gains.
“We believe momentum will stay strong for the foreseeable future,” the team concluded.
