Macau’s casino industry generated MOP18.3 billion (US$2.27 billion) in gross gaming revenue (GGR) during September, according to figures released by the city’s Gaming Inspection and Coordination Bureau (DICJ). The result marked a 6 percent year-on-year increase but was 17.5 percent lower than August’s total of MOP22.16 billion (US$2.76 billion), which had been the highest monthly tally since January 2020.
Seasonal Slowdown and Typhoon Impact
September has historically been a softer month for Macau’s gaming sector, falling between the peak summer travel season and the busy National Day Golden Week in October. This year, the anticipated dip was compounded by extreme weather. Casino operations were disrupted by both Typhoon Tapah earlier in the month and Super Typhoon Ragasa at the end of September, which forced all venues to suspend activity for 33 hours after the government raised the highest tropical storm warning, Signal No.10.
Macau’s storm warning system ranges from 1 through to 10, with 10 being the most severe. Authorities downgraded the alert to Signal No.8 in the afternoon of September 24, later reducing it to Signal No.3 that night. Casinos were allowed to resume operations from 2 a.m. on September 25.
Analysts estimated the closure caused notable financial losses. Jeffrey Kiang of CLSA Ltd told GGRAsia the shutdown “could to have cost the industry about MOP880 million in missed GGR.” Ben Lee, managing partner at IGamiX Management and Consulting Ltd, also suggested the precautionary halt shaved around 5 percent from the month’s overall revenue potential.
The combined weather-related interruptions and seasonal lull meant September ended as one of the weakest months of 2025 for Macau’s casinos, second only to January.
Year-to-Date Growth and Forecasts
Despite September’s downturn, the city’s casino sector continues to show solid recovery compared to 2024. As reported by Macao News, for the first nine months of 2025, GGR totaled approximately MOP181.3 billion (US$22.6 billion), representing a 7.1 percent increase year-on-year. This equates to an average monthly revenue of about MOP20.14 billion (US$2.51 billion), surpassing the government’s revised forecast of MOP19 billion (US$2.28 billion).
Still, GGR for the January–September period remains well below pre-pandemic levels, trailing 2019’s MOP220.2 billion (US$27.4 billion) by nearly 18 percent. Analysts had expected September’s figures to be stronger, with Citigroup projecting MOP19.5 billion (US$2.42 billion) and HSBC forecasting between MOP18.4 billion (US$2.28 billion) and MOP19.4 billion (US$2.4 billion). The final total fell just short of those expectations.
Looking forward, optimism is focused on October’s Golden Week holiday, running from October 1 to 8, which is expected to generate exceptional daily volumes. Forecasts suggest daily GGR could exceed MOP1 billion, positioning October as one of the year’s standout months.
Industry analysts, including Seaport Research Partners, continue to predict growth through the remainder of 2025. The firm expects Macau’s GGR to increase 9 percent year-on-year in the second half of the year and 7 percent overall for the full year. However, earlier in 2025, the government revised its annual GGR forecast downward, trimming expectations from MOP240 billion (US$29.99 billion) to MOP228 billion (US$28.48 billion) amid concerns the market may have reached a plateau.
