In October, Macau reported a remarkable post-pandemic high in casino gross gaming revenue (GGR), with figures reaching close to MOP24.09 billion (approximately US$3.01 billion). This impressive performance was significantly above market expectations, showing a year-on-year increase of 15.9 percent.
Analysts from Seaport Research Partners highlighted the notable results, emphasizing the exceptional performance in high-end play following the Golden Week holiday period. The Golden Week, which this year spanned from October 1 to 8, is traditionally a vital time for Macau's gaming industry, attracting a large number of visitors from mainland China.
High-End Play Drives Growth
While the Golden Week results were reportedly softer than anticipated, demand in the high-end gaming sector during the remainder of October compensated for this, driving GGR higher than expected. Senior analyst Vitaly Umansky from Seaport observed that the month benefited from a strong VIP hold, although some operators experienced lower results in this area. Premium mass and VIP play were pivotal in elevating the month's overall performance.
JP Morgan supported this analysis, describing October’s GGR as a 'surprise beat' and the strongest in six years. The month marked a significant recovery in both mass and VIP gaming segments, with VIP performance up by 40 to 45 percent, aided by favorable luck in VIP games, and mass gaming up by 12 to 13 percent, as noted by analysts DS Kim, Selina Li, and Lindsey Qian.
They also mentioned that the robust performance in the late part of October allayed fears that Macau's recovery was merely a short-term summer effect. Instead, the consistent demand demonstrated that the uptrend, supported by a positive economic environment, remains solid.
Prospects for Continued Growth
Analyst Steven Pizzella from Deutsche Bank Securities Inc. highlighted the 31.7 percent month-on-month improvement from September to October. The daily sequential increase in GGR was approximately 11.3 percentage points higher than historical averages, indicating a substantial growth trend. Looking forward, brokerages forecast at least an 8 percent annual growth in Macau's GGR for November. Seaport estimates an 11.5 percent increase for November 2024.
The JP Morgan team noted that although November may present more challenging comparisons than October, December is expected to show renewed growth, ranging from 15 to 17 percent. Overall, the October surge brought the total GGR for the first ten months of the year to nearly MOP205.43 billion, marking an 8 percent increase from the previous year. This ongoing growth suggests a strong recovery trajectory, reinforcing confidence in Macau's gaming industry.
Source: Macau October GGR well above expectations, rebound not a 'summer blip': analysts, GGRAsia, November 3, 2025.
Posted by Wizard
Nov 06 2025
Nov 06 2025
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