In the last quarter of 2025, Macau's casino industry registered a remarkable increase in gross gaming revenue (GGR). According to the city’s Gaming Inspection and Coordination Bureau, the total GGR for the fourth quarter reached just over MOP20.31 billion, equivalent to approximately US$2.53 billion.
This figure marks a significant uptick of 45.2 percent compared to the same period in the previous year and an impressive 20.3 percent growth sequentially. Among the drivers of this growth was the performance of the VIP baccarat segment, which rose to a prominent position within the market.
Performance Analysis of VIP Baccarat and Market Contributions
VIP baccarat in Macau's gambling landscape attained a substantial milestone by contributing 30.7 percent to the fourth-quarter GGR. This increase is notable from its earlier 27.0 percent contribution in the third quarter. Banking analysts from JP Morgan highlighted that the play mix, which includes a larger portion from lower-margin premium play, may have influenced operator margins during this period.
These dynamics underscore the evolving nature of Macau's gaming sector, where shifts in player preferences and contributions impact overall financial performance. Alongside the surge in VIP baccarat, the mass-market casino gambling, encompassing slot machines and table games, generated a GGR of MOP45.75 billion over the same period
This represented a 5.3 percent rise from the previous year's nearly MOP43.44 billion, with a slight 0.1 percent increment from the preceding quarter's MOP45.68 billion. Mass-market baccarat specifically accounted for MOP36.25 billion of this total, indicating a 4.8 percent year-on-year increase despite a minor 0.7 percent decline when compared to the third quarter.
Slot Machines and Live Gaming Performance
Turning to slot machines, the revenue generated in this category within the fourth quarter touched MOP3.63 billion, holding a market share of 5.5 percent in the overall games of fortune. Notably, this segment experienced a solid 7.8 percent improvement from the previous year and a quarter-on-quarter increase of 5.5 percent. Additionally, the live multi-game segment recorded a GGR of MOP1.25 billion, posting a year-on-year rise of 10.7 percent and a modest sequential growth of 0.9 percent.
The cumulative GGR for Macau in the complete calendar year of 2025 reached MOP247.40 billion, as announced by the city's government officials on January 1. This robust financial performance across various gaming categories underscores the vibrant and dynamic nature of Macau's gaming industry, which continues to be a pivotal component of the region's economy.
Such insights into quarterly and annual growth patterns provide a deeper understanding of the factors driving success in Macau's casino market.
Source: Macau 4Q VIP baccarat GGR up 20pct q-o-q, hits 31pct market share: govt, GGRAsia, January 16, 2026.
Posted by Wizard
Jan 16 2026
Jan 16 2026
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