In an optimistic forecast for Macau's casino industry's future, Seaport Research Partners has projected an impressive 9 percent growth in gross gaming revenue (GGR) year-on-year for the second half of 2024. This forecast is grounded in recent trends, with senior analyst Vitaly Umansky highlighting a notable acceleration in growth over the past few months. According to data from Macau’s Gaming Inspection and Coordination Bureau, the second half of 2024 saw GGR figures just shy of MOP113.03 billion (USD13.98 billion).
2025 Growth Projections and Long-term Trends
Looking beyond 2024, Seaport Research anticipates continued growth into 2025, forecasting a 7 percent increase in GGR. The total GGR for 2024 was recorded slightly above MOP226.78 billion, and the expected growth could usher in a compound annual growth rate (CAGR) of 9 percent for Macau’s EBITDA (earnings before interest, taxation, depreciation, and amortization). Mr. Umansky also pointed out the potential market shifts that could favor larger operators such as Sands China Ltd and Galaxy Entertainment Group Ltd, potentially at the expense of smaller operators. Should the base mass recovery exceed current expectations, this might drive "higher overall growth" within Macau's broader market space.
Global Casino Market and Strategic Developments
Seaport’s analysis extends beyond Macau, considering broader dynamics within the global casino market. The firm identifies long-term secular growth not only in Macau but also in the Singapore markets, specifically referencing the major expansions at Marina Bay Sands and Resorts World Sentosa, promoted respectively by Las Vegas Sands Corp and Genting Singapore Ltd. Meanwhile, Wynn Resorts Ltd eyes future prospects in the UAE with the development of the Wynn Al Marjan Island casino resort, anticipated for a 2027 launch. Yet, despite these promising avenues, Mr. Umansky recognized existing macroeconomic challenges, including concerns about China's economy and potential headwinds from the U.S. gaming sector slowdown, balancing them against improving sentiments and economic stimuli.
Source: Macau GGR to grow 9pct y-o-y in 2H: Seaport Research, GGRAsia, July 22, 2025.
Posted by Wizard
Jul 23 2025
Jul 23 2025
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