Macau’s casino industry demonstrated significant performance in the initial half of November, as highlighted by a memo from Citigroup. According to this report, the casino gross gaming revenue (GGR) for the first 16 days of November reached an impressive MOP11.1 billion, or approximately US$1.39 billion. This translates to a daily revenue of MOP671 million. This data was obtained through Citigroup’s industry checks, revealing a robust trend in Macau’s gaming sector.
However, the report indicates a moderation in the GGR run-rate by around 6 percent when compared to the initial nine days of November 2025, which saw average daily revenues of MOP711 million. This slight dip in revenue was attributed to the National Games of the People’s Republic of China impacting hotel occupancy rates.
With many hotel rooms occupied by athletes participating in these games, there was a minor decline in the average length of stay and gaming activity of visitors in Macau. The 15th edition of the National Games of the People’s Republic of China, co-hosted by Macau along with Guangdong province and Hong Kong, commenced on November 9 in Guangzhou and continues until November 21. This prestigious event has led to a temporary shift in the typical dynamics of Macau's hospitality industry.
Fluctuations in VIP and Mass Gaming Segments
Further analysis from Citigroup indicates a downward trend in specific gaming segments during this period. Specifically, the VIP gaming volumes decreased by approximately 6 to 8 percent compared to the previous month, while the mass market GGR experienced a fall of around 8 to 10 percent month-on-month in the same timeframe.
Despite these fluctuations, the VIP hold rate appears stable in contrast to the initial days of November, suggesting some consistency among high-end gaming operations. The cautious outlook from Citigroup remains unchanged regarding the projected GGR forecast for the whole of November 2025. Citigroup estimates that the revenue might reach MOP20.5 billion, accounting for about 90 percent of the November 2019 figures.
This projection also implies an 11 percent year-on-year growth, with an average daily revenue target held steadily at MOP671 million for the remainder of the month. The careful approach to projections highlights the uncertain economic environment and variable factors influencing Macau’s gaming revenues.
Continued Growth and Future Projections for Macau's Gaming Sector
In a team report published in September, Citi outlined their outlook for Macau’s gaming sector, which included an upward revision of the casino GGR forecast for the year to MOP248.6 billion. This represented a substantial 10-percent increase year-on-year, giving emphasis to the city's efforts in attracting tourism and stimulating gaming activities.
The anticipated growth in the sector is driven by a series of concerts and other high-profile events organized by the casino operators in Macau. Additionally, the introduction and growing popularity of baccarat side bets have been identified as a key factor in driving increased interest and gaming activity in the region.
Overall, the strategic initiatives from Macau’s casino operators, combined with the innate appeal of the region as a gaming and entertainment hub, contribute to the optimistic projections and sustained growth in the sector. Despite minor setbacks and environmental challenges, Macau’s casino industry continues to exhibit resilience and adaptiveness, maintaining its stature as a global leader in the gaming industry.
Source: Macau GGR at US$1.4bln in the First 16 Days of November: Citigroup, GGRAsia, November 17, 2025.
Posted by Wizard
Nov 17 2025
Nov 17 2025
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