Macau casinos had their best year since the pandemic, as gross gaming revenue (GGR) reached MOP$292.4bn (US$36.5bn) in 2025. This was aided by December’s 9.1% year-on-year increase and a 15% rise for the final three months, compared to the forecasted 9% quarterly growth target analysts had set at the start of the quarter.
The final 2025 figure was still MOP$45bn (US$5.6bn) below 2019’s result. The special administrative region of China has been working to return to these levels since the pandemic significantly impacted visitation.
expect profit levels to continue rising modestly
Investment banks believe more gains are on the horizon. JPMorgan and Deutsche Bank analysts predict that GGR could increase by almost 6% in 2026, driven by increasing visitor numbers and improved slot results. Analysts also expect profit levels to continue rising modestly.
It’s more of a question of quality over quantity, as the number of casinos operating in Macau has dropped from 42 in 2021 to 20 by the end of last month. A significant reason for this decline is the government’s crackdown on satellite casinos operated by third parties in collaboration with the region’s six licensed operators. All gaming tables and slots at these facilities had to be relocated to fully licensed casinos by December 31.
