Banking group JP Morgan has forecast that Macau's gross gaming revenue (GGR) for August is set to increase by 11 to 14 percent year-on-year, reaching between MOP21.9 billion (US$2.72 billion) and MOP22.5 billion. This marks a potential breakage of the post-pandemic record. In a note distributed by the bank, analysts described the city as experiencing a "busy and happy summer."
The current record, also set post-pandemic, is July's GGR, which amounted to MOP22.13 billion, reflecting a 19 percent increase from the previous year. JP Morgan anticipates sustained double-digit growth in GGR moving forward, at least through the first quarter of 2026. This growth could attract long-term investors and contribute to valuation expansions beyond the current approximately nine times enterprise value/EBITDA.
Summer Visitation Boosts Weekly Casino Revenue
JP Morgan's forecast follows a week in Macau that saw casino GGR reach its highest level during a non-state-holiday period since the advent of the pandemic. According to the bank's industry checks, Macau's daily casino revenue jumped by 9 percent week-on-week, reaching MOP793 million, compared to MOP710 million during the early days of August.
Analysts DS Kim, Selina Li, and Lindsey Qian highlighted that this surge represented the best non-Golden Week gaming revenue since the pandemic, primarily attributed to substantial tourist influx during the peak summer holiday season. The ‘Golden Week’ refers to periods of public holidays in mainland China, which significantly boost Macau’s visitor numbers and consequently its casino revenues.
Diverse Growth Across Gaming Segments
For the month of August up to the 24th, Macau's total GGR was estimated at MOP17.65 billion, with a daily average of MOP735 million. The JP Morgan team noted growth in both the VIP and mass market gaming segments, which rose by 10 to 15 percent year-on-year. This reflects a recovery of about 30 percent in the VIP segment and a remarkable 125 percent in the mass segment compared to pre-Covid-19 figures.
These insights highlight a robust recovery trajectory for Macau's casino industry, one that JP Morgan believes will continue to drive investor interest and market stability well into the future.
Source: 'Busy happy summer' for Macau may see August set new post-pandemic GGR record: JP Morgan, GGRAsia, August 25, 2025.
Posted by Wizard
Aug 26 2025
Aug 26 2025
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