Momentum builds on strong tourism, VIP play, and non-gaming attractions
MACAU – July 29 – Macau’s casino sector is in the midst of a sharp rebound, with gross gaming revenue (GGR) outpacing analyst forecasts and fueling a nearly 60% rally in casino stock prices since April. The ongoing momentum is being driven by stronger-than-expected tourism, a spike in VIP play, and a slate of high-profile entertainment events.
According to Bloomberg, Macau gaming shares have climbed 59% since April, as investor confidence surges on the back of a sustained recovery in post-pandemic gambling activity.
Gaming Revenue Builds Month by Month
Macau’s casinos recorded MOP$21.19 billion (US$2.62 billion) in GGR in May 2025, up 5% year-on-year and 12.4% over April, marking the city’s strongest month since borders reopened in January 2023.
The upward trend continued in June, traditionally a slower month, with GGR reaching MOP$21.06 billion, a 19% jump year-on-year.
As of mid-July, casinos had already generated MOP$18.6 billion, an 11.6% increase over July 2024, bringing the year-to-date total to MOP$132.35 billion, up 36.7% year-on-year.
Buoyed by the results, Seaport Research Partners revised its 2025 GGR forecast upward, now expecting 7% annual growth, with as much as 9% growth in the second half of the year.
Tourism Booms with More Attractions and Easier Access
Fueling Macau’s gaming comeback is a strong resurgence in tourism. According to the Macau Government Tourism Office, 19.22 million visitors arrived through June 2025, a 14.9% increase compared to the same period in 2024.
Roughly 70% of visitors still come from mainland China, but international tourism is gaining traction, with 2.4 million non-Asian visitors arriving in 2024 — up 66% year-on-year.
Contributing factors include:
- Relaxed visa policies
- Improved transportation
- A broader mix of non-gaming experiences, such as sports, concerts, and cultural festivals
One example of this spillover: a Jacky Cheung concert residency at Galaxy Macau reportedly lifted premium player traffic by 16% and average wagers by 36% on opening night, according to Citi analysts.
VIP Play Rises, but Mass Market Still Dominates
High-end gaming is also picking up steam. In the first half of 2025:
- VIP GGR rose 11% year-on-year
- Mass market GGR rose just 2%
- VIPs contributed 26% of total GGR
- Mass segment remained dominant at 74%
Analysts say the mass market continues to anchor the sector’s growth, while high rollers provide strong upside potential during special events or holidays.
Spend Per Visitor Declines Despite Revenue Growth
Despite rising overall revenue and foot traffic, average visitor spend fell during the first half of 2025. The estimated per-capita spend was MOP$6,180, a 9% drop from the same period last year.
Research firms CSLA and CreditSights attribute the decline to the increase in leisure-focused visitors and tourists from lower-income regions in China, rather than traditional big bettors.
“Macau’s diversification into more non-gaming offerings… is drawing in a broader leisure audience,” CSLA wrote.
CreditSights added that spending could “remain constrained” as more visitors come from regions with lower GDP per capita.
Still, Macau is on track to meet the government’s 2025 GGR target of MOP$228 billion, having achieved MOP$118.8 billion (up 4% YoY) by the halfway mark, according to Fitch-owned CreditSights.
Outlook: Investor Confidence Growing
With casino stocks rallying nearly 60% since April, and GGR consistently beating projections, Macau’s gambling industry appears firmly in recovery mode. Analysts credit the city’s improved infrastructure, diversified entertainment options, and steady mainland tourism for turning Macau into more than just a gambling hub — it’s quickly becoming a comprehensive leisure destination in Asia.