Key Moments:
- Macau reported a 17 percent year-over-year rise in tourist arrivals during the Golden Week of October 2025
- Gross gaming revenue reached MOP 181.3 billion (€20.6 billion) in the first nine months of 2025, achieving 80 percent of the city’s annual target
- CreditSights sees Macau positioned to meet or exceed its full-year gaming revenue projections if momentum continues
Golden Week Drives Visitor Growth
Macau’s gaming industry received a significant boost following a busy “Golden Week” holiday period, as indicated by recent research from CreditSights. The influx of tourists in early October 2025 ignited confidence in a robust finish to the year, with gross gaming revenue (GGR) expected to climb beyond prior projections.
Between October 1 and 8, 2025, which included an extra day due to the Mid-Autumn Festival, Macau welcomed 1.14 million visitors—marking a 17 percent increase compared to the same period in 2024. Average daily arrivals reached 143,000, representing a two percent rise year-over-year. The busiest day fell on October 4, 2025, as the city recorded 191,000 tourists, setting a new daily high.
Mainland Arrivals Sustain Gaming Sector
A deeper analysis of the standard seven-day Golden Week (October 1-7) revealed visitor numbers rose seven percent year-over-year to 1.06 million, surpassing the 2019 pre-pandemic period by eight percent. Mainland Chinese tourists accounted for nearly 880,000 arrivals, or 83 percent of the total, climbing eight percent over 2024 and 11 percent ahead of 2019’s numbers. This notable growth underlines persistent enthusiasm among mainland travelers for Macau’s casinos and entertainment venues.
Gaming Revenue and Market Implications
Despite the impressive gains in tourism, September’s gaming revenues showed some moderation. Data from Macau’s Gaming Inspection and Coordination Bureau indicated a six percent annual GGR increase to MOP 18.3 billion (€2.1 billion), which fell below analysts’ expectations and was softer than the 17 percent average growth rate from June to August. This dip was ascribed to typical seasonal factors and the effects of Super Typhoon Ragasa, which caused roughly 1.5 days of casino closures between September 23 and 25, 2025.
Strong Fourth Quarter Outlook
Thanks to solid momentum, Macau’s cumulative GGR for the first nine months of 2025 reached MOP 181.3 billion (€20.6 billion), already meeting 80 percent of the city’s annual revenue target of MOP 228 billion (€25.9 billion). Looking ahead, CreditSights suggested that following the robust Golden Week, monthly GGR only needs to average MOP 15.6 billion (€1.8 billion) in the fourth quarter to hit the official 2025 goal—well below the current monthly average of MOP 20.1 billion (€2.3 billion). Should current trends persist, Macau may even achieve the government’s stretch target of MOP 240 billion (€27.3 billion) by year-end.
| Period | Visitor Arrivals | Year-over-Year Change | Mainland Chinese Share | Gross Gaming Revenue (GGR) |
|---|---|---|---|---|
| Golden Week (Oct 1-8, 2025) | 1.14 million | +17% | 83% (880,000) | – |
| Golden Week (Oct 1-7, 2025) | 1.06 million | +7% | 83% (approx.) | – |
| September 2025 | – | – | – | MOP 18.3 billion (€2.1 billion), +6% YoY |
| Jan-Sep 2025 | – | – | – | MOP 181.3 billion (€20.6 billion), +7% YoY |
Resilience in the Face of Disruption
Although casino operations experienced brief disruptions from Super Typhoon Ragasa, and seasonal fluctuations persisted, Macau’s gaming sector continues to demonstrate recovery. With surging visitor counts and solid spending levels, industry analysts see the market poised to achieve one of its strongest post-pandemic years as 2025 unfolds.
- Author
Daniel Williams
