Macau April GGR exceeds expectations with $2.32bn – but growth remains marginal

Key points:

– Macau GGR was MOP 18.59bn for April, up 1.7% year-on-year

– Third month of consecutive growth for the gambling hub, exceeding analyst expectations posted earlier in April

– Golden Week offers hope for a strong May

Casinos in Macau saw modest growth for the month of April, generating gross gaming revenue (GGR) of MOP 18.59bn ($2.32bn).

The total represents a year-on-year rise of 1.7%, Macau’s third consecutive month of mild growth following annual falls in December and January.

April’s MOP 18.59bn figure is higher than January’s but lower than February and March’s.

Its yearly comparison, meanwhile, fares better than March and January – but demonstrates lower growth than February’s total.

And yet analyst expectations were exceeded, with MOP 16-17bn projected earlier in April following a slower-than-average start to the month.

Good to know: 1 Macanese Pataca is currently worth US$0.12, at the time of writing, while 1 Macanese Pataca equates to HK$0.97

The year so far

Macau casinos’ accumulated GGR for 2025 to date also remains up year-on-year – though not by much. Through April, accumulated gross revenue stands at MOP 76.51bn, a rise of 0.8%.

This is consistent with an accumulated total that was 0.6% up at the end of March and 0.5% up at the end of February.

While the growth is marginal, it has done much to recover from an accumulated figure that sat 5.6% down at the end of January.

As Gambling Insider wrote in January, Macau is not seeing astronomical numbers right now but there is no need to panic. Globally, we are seeing an uncertain situation and, ultimately, there is only a finite amount of disposable income even for high rollers.

When a jurisdiction is regularly dealing in the billions, it would be unrealistic to expect double-digit growth every month – especially given the well-documented clampdown on junkets and efforts to diversify Macau since the impact of the Covid-19 pandemic.

Las Vegas comparison

We can see much the same trend in Nevada right now. The Silver State’s gambling hub of Las Vegas, the globe’s erstwhile gambling capital before it was dethroned by Macau, is also posting intermittent revenue falls.

While Nevada is generally a month behind Macau in terms of its revenue reports, the state this week announced its numbers for March 2025, which saw a 1.1% drop.

On the Las Vegas Strip, meanwhile, revenue was down 4.8%. The constantly rising prices of the city’s casinos, combined with other economic factors, may be turning the odd customer away.

The fact remains, though, that Las Vegas is still able to report monthly GGR of $1.28bn – no small sum. This also puts the fact that Macau is still posting positive growth, however small, into perspective.

Good to know: One of Macau’s concesionnaires, SJM Holdings, this week reported HK$7.5bn (US$970m) in Q1 net revenue, up 8.1%. Last week, Las Vegas Sands reported a Q1 net revenue fall of 3.4% to US$2.86bn

How April compares

Macau’s April total in 2025 may be 1.7% up on 2024 but, compared with April 2023, it represents a rise of 26%.

As Macau was still very much recovering from Covid-19 shutdowns in 2022, with additional travel restrictions set, it was only able to post MOP 2.68bn in GGR that April, while April 2021 saw a higher figure of MOP 8.4bn.

April 2021’s MOP 0.75bn shows just how empty the region was during the pandemic.

April 2019, meanwhile, saw MOP 23.58bn generated, although this was actually down 8.3% on April 2018’s MOP 25.73bn.

These are the numbers investors will hope Macau returns to but, since Covid-19 shattered the region’s growth trajectory, analysts have been debating when – or even if – 2019 levels can ever be returned to.

May: Golden Week offers promise

As we enter May, Macau casinos are offered hope by China’s ongoing Labour day (May Day) Golden Week holiday, taking place 1-5 May.

Last year, May produced Macau’s second-highest GGR total (MOP 20.9bn), which was also 29.7% up on 2023.

The theme was consistent in 2024 as the only month to generate higher revenue across the calendar year was October, during which China enjoyed its National Day Golden Week holiday.

The diversification debate

Macau Chief Executive Sam Hou Fai has echoed the thoughts of those in government repeatedly of late, banging the drum about the diversification of Macau’s offerings.

April’s 1.7% growth may provide further evidence for the argument. However, one must ask: what exactly is Macau’s USP from a touristic standpoint if not its casinos?

While investment in the rest of Macau’s economy will increase the health and balance of its portfolio, casinos will always ultimately remain its main draw – and the region’s biggest hope of generating tax revenue.

Good to know: Macau’s six concessionaires are currently trading as follows

– Sands China: HK$13.98/US$1.80 (Subsidiary of Las Vegas Sands)

– MGM China: HK$10.04/US$1.29 (Subsidiary of MGM Resorts International)

– Wynn Macau: HK$5.19/US$0.67 (Subsidiary of Wynn Resorts)

– Galaxy Entertainment Group: HK$28.2/US$3.64

– Melco Resorts: HK$39.94/US$5.15

– SJM Holdings : HK$2.16/US$0.28