Key Moments:
- Macau’s 2025 gross gaming revenue reached MOP247.40 billion (US$30.9 billion), surpassing official projections.
- The 2025 figure marked a 9.1% year-on-year increase but remained at 84.6% of 2019’s pre-pandemic total.
- All satellite casinos in Macau closed after a three-year transition period ended, culminating with Landmark Casino’s shutdown on January 1, 2026.
Annual Revenue Climbs Past Government Targets
Macau’s casino industry delivered stronger-than-anticipated growth in 2025 as gross gaming revenue (GGR) rose to MOP247.40 billion (US$30.9 billion). This performance exceeded the government’s revised annual forecast of MOP228 billion, reflecting a 9.1 percent advance over the previous year, according to figures from the Gaming Inspection and Coordination Bureau (DICJ) cited by local media.
Despite lingering effects from global economic shifts and regulatory adjustments, Macau’s casino sector continued its post-pandemic rebound. Full-year GGR reached 84.6 percent of the MOP292.46 billion (US$36.5 billion) recorded in 2019, prior to widespread international travel restrictions.
Monthly Performance and Market Resilience
A robust December bolstered Macau’s annual figures, with GGR for the month hitting MOP20.89 billion (US$2.61 billion) – a 14.8 percent rise over December 2024 and the strongest December since the pandemic began. Still, December’s total was slightly under November’s MOP21.09 billion (US$2.63 billion).
Authorities had previously lowered their 2025 GGR outlook, citing concerns like sluggish mainland Chinese economic trends and shifting visitor behaviors. Final data, however, indicates that tourism and mass-market gaming demand proved more resilient, especially in the year’s latter stages.
Major Structural Changes: End of Satellite Casinos
The fiscal year closed alongside a significant restructuring of Macau’s casino landscape. Following the expiration of a three-year transition under Law 7/2022, every satellite casino in the city ceased operations. Landmark Casino, the last operational satellite venue, closed its doors on January 1, 2026, after all such casinos were required to either restructure or cease business by December 31, 2025.
Previously, these smaller venues operated under the licenses of Macau’s six concessionaires, typically serving districts outside the central Cotai Strip. Their phase-out reflects government priorities to centralize gaming within large, concessionaire-led resorts.
| Year | Total GGR (MOP) | Total GGR (USD) | Year-on-Year Change | Percentage of 2019 GGR |
|---|---|---|---|---|
| 2019 | 292.46 billion | 36.5 billion | – | 100% |
| 2025 | 247.40 billion | 30.9 billion | +9.1% | 84.6% |
Gaming Revenue Remains Crucial for Public Finances
Despite the satellite casino closures, gaming continues to underpin the city’s fiscal health. The Macau SAR government projected MOP92.7 billion in tax collection from public concessions in its 2026 Policy Address, mainly from gaming. This would constitute about 80 percent of the anticipated MOP114.8 billion total tax revenue, though it falls slightly short of the estimated MOP93.3 billion for 2025.
Stronger Regulatory Measures Introduced
Macau is also tightening its broader regulatory stance. In November, officials finalized a bill to broadly ban gambling-related advertisements, allowing only limited exceptions for industry events and responsible gambling campaigns. This new draft legislation further clarifies existing restrictions, which confine gambling promotions exclusively to designated casino zones.
- Author
Daniel Williams
