Macau gaming ended 2025 on a strong note, with analysts reporting significant growth after a good November. The city’s gross gaming revenue (GGR) for November reached MOP 21.1 billion (US$2.63 billion), a 14.4% increase from November 2024. This surpassed predictions and set the greatest November GGR in many years.
The last week of November was especially strong. From November 24th to 30th, daily GGR averaged MOP 784 million (US$98 million), higher than usual for the month. According to CLSA analysts, this showed a good December beginning, usually strong due to holiday travel. December was estimated to reach MOP 20.9 billion (US$2.61 billion), 15% more than the prior year, with prospects for even greater results if trends were to persist.
JP Morgan also reported a positive outlook for December. They forecasted GGR growth of 15% to 20% year-on-year. The last months of 2025 were driven by high-end players, including VIP and premium mass-market customers. Analysts noted that easier visa access, strong marketing, and ready money for players helped keep Macau gaming growth steady.
“We saw Macau as a growth story, with more wealth in China and higher spending on travel and gaming,” said JP Morgan analysts DS Kim, Selina Li, and Lindsey Qian. They added that December could finish a strong fourth quarter, showing a 5% to 6% increase in GGR from the previous quarter. This would mark the best quarter for Macau gaming in six years.
Senior Analyst Vitaly Umansky told Inside Asian Gaming, “Growth came from marketing, player reinvestment, and easy money flows. Macau benefited from rising wealth, which increased spending on travel and gaming.”
Macau's total 2025 GGR was still under pre-pandemic values even after these improvements. Total yearly revenue increased 9.1%, represented 84.6% of the 2019 level. Although VIP gaming was around one-third of 2019 levels, it grew quickly; the mass-market segment had gone over pre-COVID levels already.
Moreover, the analysts pointed out that among the factors contributing to the rise in Macau gaming stocks were the better earnings clarity and increased investor confidence. Companies like Galaxy Entertainment and MGM China, in particular, were expected to continue their revenue growth in the premium-mass market segment, which was the main driver of the growth.
MOP of $2.61 billion increased 14.8% from December 2024 but was somewhat below November at 0.9%. According to Seaport Research Partners, strong marketing, player reinvestment, simple money flows, and simpler visa processing helped growth.
The results indicated that, particularly in the mass-market category, Macau gambling had recovered. Although the city still had a yearly total income lower than pre-pandemic values, it showed resilience. Strong numbers were achieved in November and December, and the fourth quarter saw GGR at its highest in six years.
With December’s success, analysts predicted Macau gaming would enter 2026 with strong momentum. Rising numbers of high-value players, effective marketing, and supportive policies were expected to keep growth steady. Macau’s gaming sector appeared ready for a positive start to the new year.
