Macau gaming revenue hits highest post-pandemic level at MOP 21.19bn in May

Key points:

– Macau reported MOP 21.19bn ($2.62bn) in gross gaming revenue (GGR) for May 2025 

– Capella at Galaxy Macau played a key role in VIP segment growth

– May GGR marks strongest month since January 2020

Macau’s gaming sector recorded its strongest monthly performance since the onset of the Covid-19 pandemic, generating MOP 21.19bn ($2.62bn) in gross gaming revenue (GGR) in May 2025.

The figure, released by the Gaming Inspection and Coordination Bureau (DICJ), represents a 5% year-on-year increase and exceeds the previous post-pandemic peak of MOP 20.79bn in October 2024.

The rise comes amid the annual Labour Day Golden Week, a major Chinese holiday running from 1 to 5 May, which brought nearly 850,000 visitors to the city.

The surge in foot traffic significantly lifted casino activity, with some estimates suggesting GGR may have exceeded MOP 1bn per day during the holiday period.

Strongest month since January 2020

The May 2025 GGR marks the highest single-month total since January 2020, prior to widespread Covid-19 disruptions.

Alongside the Golden Week bump, analysts cited the soft launch of the Capella hotel within Galaxy Macau as a key contributor. The property attracted a wave of VIP clientele, pushing average daily GGR to MOP 686m during the third week of May – up 16% from the previous week.

UBS reported that the monthly average rose to MOP 700m, marking an 11% increase from April and prompting Citigroup to revise its May GGR forecast upward from MOP 210bn to MOP 212.5bn.

HSBC offered a similar outlook, estimating full-month figures between MOP 211bn and MOP 217bn – representing a 4–7% year-on-year gain.

First five months slightly below government targets

Despite May’s strong results, the year-to-date figures show a more modest picture. Total GGR for the first five months of 2025 reached MOP 97.7bn, up 1.7% compared to the same period in 2024.

However, the year-to-date average of MOP 19.54bn per month remains slightly below the MOP 20bn average required to meet the government’s annual forecast of MOP 240bn.

When compared with the pre-pandemic levels of 2019, the January–May 2025 total stands at 77.7% of what was recorded during the same period that year.

Nonetheless, stakeholders view the figures as a sign of continued recovery, with gradual improvement observed each month throughout the year so far.

Capella opening spurs VIP segment growth

The opening of Capella Macau played a pivotal role in May’s performance. Positioned within Galaxy Macau – already the resort with the most Forbes 5-Star Hotel honours under one roof globally – the new hotel reportedly boosted VIP turnover by 25–30%.

Citi and HSBC analysts credited the opening with sparking premium segment activity, which also contributed to higher-than-expected win rates in VIP rooms, reported at between 3.5% and 3.7%.

The introduction of the Capella property follows a broader push by Macau operators to diversify offerings and draw high-end clientele. The luxury launch underscores how hospitality investments continue to influence gaming performance in the city’s evolving market landscape.

Performance relative to previous months

May’s 12.38% month-on-month rise in GGR is especially significant following April’s modest MOP 18.59bn in gaming revenue, which marked a 1.7% increase year-on-year and was the third consecutive month of growth for the region.

Good to know: April had already exceeded analyst expectations, setting the stage for an optimistic outlook heading into the Golden Week period

Earlier this year, January’s revenue started the year below expectations, with the market still navigating the aftermath of China’s Covid-19 policies and shifting economic conditions. However, sentiment has gradually improved, bolstered by renewed travel demand and key hotel openings.

Comparison with global gaming markets

Compared to other global gambling hubs, Macau’s performance continues to outpace its peers in terms of post-pandemic recovery momentum. For instance, Las Vegas reported a 1.1% drop in March 2025 gaming revenue, with the Strip falling 4.8% year-on-year. While Nevada still recorded $1.28bn in March revenue, Macau’s ability to post sustained monthly gains – albeit modest – has reinforced its status as a key player in global gaming.

As the city moves into the second half of 2025, stakeholders will be closely watching whether Macau can maintain its momentum and meet the government’s annual target, especially with October’s National Day Golden Week still ahead.