Macau’s gross gaming revenue is seen growing by 8% to MOP$245 billion (US$30.5 billion) in 2025, representing more modest GGR growth than last year but still exceeding the SAR Government’s previously stated guidance of MOP$240 billion (US$29.9 billion), according to CreditSights analysts. CreditSights is part of the Fitch Group.
The update formed part of the research house’s Macau Gaming Monitor following publication by Macau’s Gaming Inspection and Coordination Bureau of the gaming sector’s 4Q24 and FY24 results, which showed that 2024 GGR reached MOP$227 billion (US$28.3 billion) or 78% of 2019 levels. The CreditSights forecast would have GGR back to 84% of pre-COVID levels in 2025.
Catalysts supporting Macau’s gaming sector in 2025 include the recent easing of travel restrictions, with more Chinese cities added to the Individual Visit Scheme in 2024; “multi-entry visas” for residents in neighboring cities to Macau; further completion of casino renovations, room conversions and entertainment offerings; and improving consumer sentiment due to the recent macro support policies from Chinese authorities, CreditSights said.
Their projection, the analysts explained, assumes that Macau visitation in 2025 will improve to around 94% of 2019 levels and GGR per visitor will grow by 2% year-on-year to MOP$6,606 (US$824).
“Hotel occupancy is expected to improve marginally in 2025, driven by the completion of casino renovations and room conversions by operators such as MGM Macau/Cotai (room conversions), Wynn Macau (a new destination food hall), Sands China (upgrading works at the Londoner), and Melco (relaunch of the House of Dancing Water),” they wrote.
