Macau's Gaming Revenue Sees Strong Growth in Q2 2025

Macau, the thriving heart of Asia’s gambling scene, has recorded an impressive increase in its VIP baccarat gross gaming revenue (GGR) for the second quarter of 2025. According to the Gaming Inspection and Coordination Bureau’s recent release, this revenue amounted to MOP16.33 billion (approximately US$2.02 billion), marking a 13.0 percent rise from the previous quarter. Notably, when compared to the corresponding quarter a year before, this signifies a substantial year-on-year growth of 22.7 percent. The figures underscore a robust recovery and uptick in VIP gaming activities within this vibrant casino hub.

Segment-wise Performance Insights

Diving deeper into the data, the mass-market casino gambling segment, including slot machine participation, showcased a GGR standing at nearly MOP44.79 billion for the April through June period. This figure indicates a year-on-year increase of 3.9 percent, although it reflects a 3.7 percent sequential decline. The statistics reveal the impact of a slightly unfavorable revenue mix that was highlighted by Citigroup in a July 9 note, which pointed out the influence of typically lower-margin segments, including VIP gamblers, on industry margins. The note suggested a potential 60-basis points hit to earnings before interest, taxation, depreciation, and amortization (EBITDA) margins. A detailed look into the numbers has shown that VIP baccarat was responsible for about 26.7 percent of the overall Macau GGR for the period.

Future Outlook and Government Adjustments

Looking ahead, several brokerage firms have recently made adjustments to their forecasts, predicting Macau’s total GGR for the year to level at about US$30 billion. Meanwhile, the government's fiscal expectations also witnessed some adjustments. Recently, in June, a revision was made to the city’s GGR forecast for 2025, bringing it down by about 5 percent from the previous estimate. The revised forecast now stands at MOP228 billion, a decrease from the prior projection of MOP240 billion, laid out back in November. These changes reflect adjusting market dynamics and the evolving economic landscape Macau is navigating through as it continues to solidify its standing in the global gaming market.

Source: Macau 2Q VIP GGR up 13pct q-o-q, to US$2bln, GGRAsia, July 16, 2025.