Macau’s gross gaming revenues are estimated to have hit MOP$4.45 billion in the first seven days of September at a run-rate of MOP$635 million per day, representing an 11% decline compared with July and August according to JP Morgan analysts.
The run-rate, is, however, some 10% higher than during the same week in 2024 and in line with expectations given that September is historically a shoulder month between the summer holiday period and the October Golden Week.
In a note, JP Morgan’s DS Kim, Selina Li and Lindsey Qian said they still expect full-month GGR for September to grow by up to 13% year-on-year at between MOP$19 billion and MOP$19.5 billion, equivalent to a daily run-rate of MOP$630 million to MOP$650 million.
“This will drive 3Q25 GGR to hit post-pandemic highs (or the highest level in 23 quarters), up 14% to 15% year-on-year and 3% to 4% quarter-on-quarter.”
Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ), reported consecutive months of post-pandemic revenue highs with GGR reaching MOP$22.13 billion (US$2.73 billion) in July and MOP$22.16 billion (US$2.76 billion) in August.
