Macau Casinos Enjoy Best Month Since COVID-19, Recovery Continues
- Macau casino revenue hit a post-COVID-19 high in July 2025
- Macau is nearing pre-pandemic visitation conditions
- Gaming revenue also continues to make gains
Macau casinos had a prosperous July, with gross gaming revenue (GGR) climbing 19% year-on-year to MOP22.12 billion (approximately US$2.74 billion). This recovery showcases the resilience of Macau’s gaming industry, which has been steadily regaining momentum since the COVID-19 pandemic struck.
The latest report from Macau’s Gaming Inspection and Coordination Bureau confirms that the six major gaming operators in the region recorded their highest profits since the onset of the COVID-19 pandemic back in late 2019. June’s revenue had already surpassed the previous record post-COVID, logging MOP21 billion.
Macau experienced a rocky start to 2025, beginning with a 6% drop in casino income for January. However, the tide turned as the city experienced six consecutive months of year-over-year GGR growth. Year-to-date, around US$17.44 billion has been accrued, reflecting a 6.5% increase from 2024.
Macau Visitor Numbers Near 2019 Levels
The year 2025 is proving to be a critical one for demonstrating Macau’s recovery; it remains the only location under Chinese control where both slot machines and table games are legally available. The city has undergone significant transformations throughout the pandemic, influenced greatly by the strict ‘zero-COVID’ policies imposed by Xi Jinping, impacting economic recovery in both Macau and Hong Kong, long after many other global regions.
Notably, the traditional VIP junket system, which once brought affluent players from mainland China, has diminished significantly. Instead, Macau has focused its efforts on attracting the general public as well as what is now termed premium-mass customers—those who may not qualify as high-rollers but who are still willing to wager substantial amounts of money on games like baccarat.
Massive investments have been made in non-gaming amenities and resort enhancements, which seem to be paying off as Macau diversifies its offerings to appeal to broader demographics.
According to the Macau Statistics and Census Service, over 19.2 million individuals passed through the city’s entry points in the first half of 2025—a 15% increase compared to 2024 and nearing 95% of 2019’s visitor volume for the same period. In fact, the figure represents 114% of the visitor count recorded during the first half of 2018.
Revenue Rally
Visitor numbers in Macau are edging closer to pre-pandemic figures, signalling a return to form for gaming revenue. The recorded GGR of $2.74 billion in July represents the best monthly figure since January 2020.
Looking ahead, experts predict further growth as the year progresses, particularly over the final five months of 2025.
“We remain bullish on Macau as a sector, particularly due to the reacceleration in GGR,” commented analysts John DeCree and Max Marsh from CBRE Equity Research.
Overall sentiments from JP Morgan Securities analysts also reflect optimism regarding the market’s trajectory as they highlight positive trends for the summer months.
Recently, Casino.org highlighted how stocks of publicly traded casino companies in Macau have rebounded sharply: shares have seen Las Vegas Sands up by 17%, MGM Resorts rising by 7%, Wynn Resorts soaring 30%, and Melco Resorts jumping 54% over the past six months.
With these trends, Macau can be seen as gearing up for another promising chapter in its gaming and tourism story.
Key Takeaways:
- July 2025 marked the highest GGR for Macau casinos since the onset of COVID-19.
- Overall visitor numbers are nearing 95% of the pre-pandemic levels.
- The gaming landscape is changing, with a shift in focus towards mass-market players.
- Experts are optimistic about continued growth into 2025.
In summary, Macau is showing signs of significant recovery, with robust visitor numbers and increasing gaming revenues. The market is transitioning towards a broader demographic, indicating a bright future as the region continues to adapt and evolve following the pandemic.