Macau-wide gross gaming revenues from mass baccarat reached MOP$34.3 billion (US$4.29 billion) in the three months to 31 March 2025, comprising 59.4% of all gaming revenues for the period according to information from the Gaming Inspection and Coordination Bureau (DICJ).
The Q1 mass baccarat figure was slightly down on the December 2024 and January 2024 quarters – where mas baccarat came in at MOP$34.6 billion (US$4.32 billion) on both occasions – but was 18.8 percentage points higher than the same period in 2019 as a percentage of all gaming revenue.
Total industry GGR for the March 2025 quarter was MOP$57.8 billion (US$7.22 billion), marginally higher than the MOP$57.6 billion (US$7.20 billion) recorded in 4Q24 and MOP$57.5 billion (US$7.19 billion) a year earlier.
It also highlights the ongoing decline of the VIP baccarat segment.
Based on the DICJ’s figures, VIP baccarat reached MOP$14.5 billion (US$1.81 billion) in 1Q25, representing 25.0% of all revenues. This was in line with the prior quarter’s percentage but down from 48.7% in 1Q19, when VIP baccarat GGR reached MOP$37.2 billion (US$4.65 billion).
At its 2013 peak, VIP baccarat generated GGR of MOP$57.8 billion (US$7.22 billion) in the September quarter or 64.6% of industry-wide revenue.
As reported by IAG, the number of licensed junkets in Macau had been halved to just 18 in 2024, down from 36 in 2023 and from a high of 235 in 2013 – although that figure has since climbed slightly to 24.
The Macau government has also updated its junket law, with each junket now only permitted to work with one concessionaire, unable to operate their own VIP rooms within casinos and not permitted to engage in revenue share agreements with operators.
Macau-wide gaming revenues have stabilized in recent months, with the 1Q25 total of MOP$57.8 billion just 0.4% higher than the December 2024 quarter.
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