Key Moments:
- Macau recorded MOP24.09 billion (US$3 billion) in gaming revenue for October 2025, reaching its highest monthly result since the pandemic began.
- Visitor arrivals during the Golden Week holiday from October 1 to 8 exceeded 1.14 million, with an average of about 143,000 per day.
- Cumulative gross gaming revenue for the first ten months of 2025 grew 8 percent year-on-year to MOP205.43 billion (US$25.64 billion), though still 16.7 percent below the same period in 2019.
Record-Breaking Growth Driven by Golden Week
In October 2025, Macau’s gaming sector experienced unprecedented success, with revenue rising to MOP24.09 billion (US$3 billion). This achievement marks the highest monthly total since the onset of the pandemic and reflects a 15.9 percent increase compared to October 2024. October’s figure surpassed the previous record of MOP22.16 billion (US$2.77 billion) from August. The surge was largely attributed to heightened demand during the annual Golden Week celebrations, even as Typhoon Matmo impacted the region. Across the eight-day holiday between October 1 and 8, Macau welcomed more than 1.14 million visitors, averaging approximately 143,000 each day. The significant influx fueled impressive revenue gains as both gaming enthusiasts and tourists flocked to the city’s integrated resorts.
Enhanced Non-Gaming Offerings Boost Tourism
Casino operators in Macau pointed to sustained investment in non-gaming attractions as a major contributor to the recent success. By diversifying entertainment options and tailoring experiences to a variety of tourist segments, operators have shaped a more vibrant leisure environment beyond the casino floor, drawing visitors seeking a holistic travel experience.
Year-to-Date Revenue Performance and Recovery Outlook
From January through October 2025, Macau’s accumulated gross gaming revenue reached MOP205.43 billion (US$25.64 billion), constituting an 8 percent increase compared to the prior year. However, the current total remains 16.7 percent below the MOP246.74 billion (US$30.8 billion) posted in the same period of 2019, underscoring that a full market recovery has yet to be realized.
| Period | Gross Gaming Revenue | Year-on-Year Change |
|---|---|---|
| October 2025 | MOP24.09 billion (US$3 billion) | +15.9% |
| August 2025 | MOP22.16 billion (US$2.77 billion) | – |
| Jan-Oct 2025 | MOP205.43 billion (US$25.64 billion) | +8% |
| Jan-Oct 2019 | MOP246.74 billion (US$30.8 billion) | -16.7% |
Industry Optimism for the Remainder of the Year
Market participants expressed increasing confidence that October’s momentum would continue into the fourth quarter, particularly during the December festive season. Expectations are high for further growth in visitor arrivals and spending, with operators emphasizing the importance of non-gaming entertainment and holiday travel in sustaining upward trends.
A Shifting Model for Growth
Macau’s latest results underscore the effectiveness of shifting toward a tourism-led, mass-market gaming model. By investing in diversified entertainment offerings and reducing reliance on high rollers and junket operators, integrated resorts have cemented their prominence in the city’s evolving leisure economy. As Macau continues to innovate and expand its facilities to appeal to both casual and premium travelers, easing travel restrictions and evolving consumer preferences are anticipated to set the stage for stronger industry performance throughout the year-end period.
- Author
Daniel Williams
