Macau casino revenue hits $30.9 billion in 2025, highest since pandemic

Casinos in Macau posted gross gaming revenue of MOP247.4 billion ($30.9 billion) in 2025, the highest annual total since before the COVID-19 pandemic, data from the Gaming Inspection and Coordination Bureau (DICJ) shows.

The result marked a 9.1% increase from 2024 and returned the world’s largest gambling hub to about 84.7% of its 2019 pre-pandemic level. Macau’s annual casino win was more than double that of the Las Vegas Strip.

Momentum strengthened toward the end of the year, with December gross gaming revenue reaching MOP20.89 billion ($2.6 billion), up 14.8% from a year earlier, though 0.9% below November’s level. December ranked as the sixth-strongest month of 2025, after October topped $3 billion to mark the richest monthly haul since 2019.

The year followed a slow start, with January revenue down 5.6%, but the remaining 11 months all recorded year-on-year growth.

Macau’s six licensed casino operators have been navigating a changed operating environment since Beijing shuttered the junket industry, which had driven VIP play. Under 10-year licence extensions granted in 2022, operators were also required to commit billions of dollars to non-gaming investments as the city seeks to diversify its economy.

Despite those changes, the market has rebounded by shifting toward premium mass and mass-market players. Analysts’ consensus forecast for 2025 revenue was $30 billion, which the market exceeded.

Growth has been supported by robust marketing, player reinvestment, easier money flows, and unimpeded visa issuance, according to industry analysts. Looking ahead, expectations remain positive.

“Macau remains a secular growth story, driven by an increasing wealth effect in China with high propensity to gamble and increasing travel spend,” said Vitaly Umansky, a senior analyst at Seaport Research Partners. “We continue to see Macau as a secular long-term growth market,” he added.

Analysts expect Macau’s recovery to carry into 2026 as China’s economy improves and mainland visitors travel more freely.