Macau casino GGR hits MOP22.13bn in July, highest monthly total since pandemic
Post-Covid record set despite tourism dip. July up 19% year-on-year, pushing YTD growth to 6.5%
Key points:
– Macau GGR reaches MOP22.13bn (US$2.73bn) in July, up 19% YoY and 5% MoM
– Seven-month total stands at MOP140.9bn, a 6.5% increase compared to 2024
– GGR remains 12.2% below the same period in 2019 despite record-setting pace
Macau’s gross gaming revenue (GGR) rose to MOP22.13bn (US$2.73bn) in July 2025, marking the highest monthly total since January 2020.
The figure represents a 19% increase year-on-year and a 5% rise compared to June’s MOP21.06bn.
Despite Q3 typically being a low season for Macau, July’s results defied expectations and surpassed the previous post-pandemic high set in May 2025 (MOP21.19bn).
Year-to-date GGR shows sustained recovery
Aggregate GGR for the first seven months of 2025 reached MOP140.9bn, up 6.5% from MOP132.3bn during the same period in 2024. This also puts the market at 61.8% of the government’s full-year target of MOP228bn.
While figures point to steady improvement, the January–July total remains 12.2% below the MOP174bn recorded during the equivalent 2019 period, the last full year before Covid-19.
Good to know: Macau’s monthly GGR has exceeded MOP20bn for three consecutive months – May, June, and July – for the first time since 2019
Premium play and live events drive momentum
Analysts have attributed the rise in GGR to continued strength in the premium gaming segments. The launch of new premium tables and suites, alongside the return of high-profile concerts like Jacky Cheung’s Galaxy Arena residency, has boosted visitation from higher-spending segments.
Despite the jump in GGR, tourism volumes appear to have declined slightly. Daily average visitor numbers in July dropped below the May high of 109,585, prompting concerns that the revenue gains may be driven more by player value than rising footfall.
Still, operators have reported stable momentum in customer activity. MGM China, which posted record Q2 EBITDA earlier this week, cited “very strong trends in July” during its earnings call, with July performance said to be “well above” expectations.
Previous months set the pace
July’s performance builds on strong momentum from earlier in the year. June GGR reached MOP21.06bn, up 19%, while May posted MOP21.19bn – the highest total before July’s record.
These results followed April’s more modest 1.7% growth to MOP18.86bn and March’s MOP19.66bn figure, up 0.8%. Only January posted a decline, falling 5.6% to MOP18.25bn.
Industry outlook remains optimistic
Analysts maintain a positive outlook for H2 2025, with projections of continued GGR growth heading into October’s Golden Week. Citigroup has previously forecast a 6% increase in second-half GGR, citing structural tailwinds, ongoing entertainment offerings and improving macro sentiment in the region.
However, with GGR gains outpacing footfall growth, analysts warn that sustaining this trend may require greater volume recovery heading into Q4.
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