Key points:
- Macau gross gaming revenue (GGR) reached MOP21.06bn (US$2.6bn) in June, up 19.0% year-on-year
- Monthly total fell just 0.6% from May’s post-pandemic record of MOP21.19bn
- H1 2025 GGR reached MOP118.77bn, a 4.4% increase from the same period in 2024
Macau’s casinos generated MOP21.06bn (US$2.6bn) in gross gaming revenue (GGR) in June 2025, up 19.0% year-on-year, according to data from the Gaming Inspection and Coordination Bureau (DICJ).
The result nearly matches May’s MOP21.19bn – the highest post-pandemic monthly total – and marks the second consecutive month above the MOP20bn threshold.
Despite a marginal 0.6% decline month-on-month, June’s figure significantly exceeded analyst expectations. According to Citigroup, performance was supported by a surge in premium play, largely attributed to Canto-pop star Jacky Cheung’s concert series hosted at Galaxy Arena.
First half of 2025 shows 4.4% growth
For the first six months of the year, Macau’s total GGR reached MOP118.77bn, up 4.4%. This brings the year-to-date monthly average to MOP19.79bn – above the MOP19bn monthly level implied by the government’s revised 2025 forecast of MOP228bn, issued in June.
The Government had initially set a target of MOP240bn in annual revenue. However, slower performance in early 2025 prompted a downward revision. Chief Executive Ho Iat Seng previously warned that GGR falling below MOP15bn per month could result in a budget deficit for the city.
Good to know: June’s GGR reached 88% of the level recorded in June 2019 – the final full year before the pandemic – reinforcing Macau’s gradual recovery trajectory
May visitor arrivals reached 3.4 million, or 99% of pre-Covid volumes and while June figures are pending, early indicators suggest sustained momentum.
Concert series drives premium traffic
The month’s performance was bolstered by the return of high-profile live events. Jacky Cheung’s multi-night concert run from mid-June to early July at Galaxy Arena coincided with a sharp rise in footfall and player activity.
Citigroup analysts reported a 16% year-on-year increase in premium player volume on opening night, alongside a 36% increase in average wager sizes among high-value players.
This momentum follows May’s record-setting GGR, which was lifted by the Labour Day Golden Week and the soft opening of Capella at Galaxy Macau – a development that contributed significantly to VIP play growth.
Structural changes ahead
June’s robust GGR figures arrive as Macau prepares for structural shifts in its gaming ecosystem. By year-end, satellite casino operations run by third parties under the licences of concessionaires are set to be phased out. The transition could impact several properties, particularly in the ZAPE district and marks a broader move towards regulatory consolidation.
Meanwhile, analysts including Citigroup remain optimistic for H2 2025, projecting a 6% year-on-year rise in GGR. This outlook is underpinned by upcoming holidays, continued entertainment offerings and a return to near-normal tourist volumes.
In May 2025, Macau recorded its highest monthly GGR since January 2020, reaching MOP21.19bn (US$2.62bn). That month also marked the fourth consecutive rise in monthly revenue and triggered upward revisions from multiple investment banks. June’s results suggest those gains may be more durable than initially assumed.
