Macau’s casino sector recorded solid year-over-year growth in November, even as overall gaming activity eased from October’s high point. Data released by the Gaming Inspection and Coordination Bureau and compiled by GGRAsia showed that operators generated MOP21.09 billion (US$2.63 billion) in gross gaming revenue (GGR) last month, a 14.4 percent increase compared to November of the previous year.
Although November produced higher results than a year earlier, the total represented a clear month-to-month pullback. GGR in November fell 12.4 percent to 12.5 percent from October’s MOP24.09 billion, which had been the strongest monthly total since January 2020, shortly before the pandemic disrupted regional casino travel and spending. Industry observers noted that this decline matched typical seasonal patterns. November often ranks as the quietest month of the fourth quarter because it follows Golden Week and precedes the holiday period in late December.
Analysts also pointed to additional temporary factors that contributed to mid-month softness. Macau hosted portions of the National Games between November 9 and 21, and hotel rooms were used to accommodate athletes during the event. This reduced the availability of guest rooms for visitors, which in turn shortened the average stay for gaming patrons. Citigroup had previously reported slight moderation in performance during this period and highlighted continued resilience in customer activity, citing “strength” in the mass market segment continuing in November.
Market Conditions and Visitor Patterns
Industry commentary indicated that early November began with solid momentum before moderating as major sporting and cultural events occupied the city. The Macau Grand Prix and the National Games drew spectators but also influenced hotel supply and time spent on gaming floors. Even so, operators benefited from a lift in visitation after the October Golden Week surge as well as ongoing non-gaming attractions that have helped draw travelers.
Market analysts maintained a generally positive outlook for the remainder of 2025 and heading into 2026, pointing to steady premium mass play and signs that the broader mass segment was slowly improving. Several institutions remarked that performance since May has demonstrated stable demand in both higher-spending and base-level customer groups.
Year-to-Date Revenue Nears Government Target
With one month left in the calendar year, cumulative GGR reached MOP226.52 billion (US$28.32 billion), an 8.6 percent increase from the same period in 2024. The total has nearly reached the government’s full-year projection of MOP228 billion, a target set for 2025. However, the current year-to-date figure remains 16 percent lower than the equivalent period in 2019, when Macau generated MOP269.62 billion in gaming revenue.
Looking ahead, the Macau government expects incremental growth for the industry. Its fiscal budget plan for next year anticipates full-year GGR of MOP236 billion for 2026, an estimate that represents a 3.5-percent increase over the revised forecast for 2025.
While November reflected the usual seasonal slowdown, the broader trajectory suggests that Macau’s casino sector continues to firm up after years of uneven recovery. With steady mass-market engagement and consistent visitor activity through much of 2025, analysts and officials remain cautiously optimistic about the coming year.
