Macau’s gaming revenue flat in March, analysts revise 2025 forecasts

Macau’s gaming revenue remained largely unchanged in March, as gross gaming revenue (GGR) reached MOP19.66 billion ($2.45 billion), marking a 0.8% increase year-on-year but a 0.4% decline from February, according to data from the Gaming Inspection and Coordination Bureau (DICJ).  

The results contrast with February’s MOP19.74 billion ($2.46 billion) in GGR, which saw an 8% month-on-month increase fueled by a surge in visitors during the Lunar New Year holiday.  

Macau’s government has projected MOP240 billion ($29.9 billion) in total gaming revenue for 2025, reflecting a 5.8% year-on-year growth. However, weaker-than-expected results in early 2025 have prompted some analysts to adjust their forecasts downward.  

U.S. investment bank Jefferies revised its outlook, cutting 2% from its original 2025 projection, bringing it in line with the government’s traditionally conservative estimates.  

Meanwhile, research firm CreditSights said Macau’s gaming sector is expected to see a more stable growth trajectory in 2025, following a sharp post-pandemic rebound in 2024.  

“The gaming sector remains on solid footing and should continue its gradual recovery as visitation patterns normalize,” the firm stated.  

For the first quarter of 2025, Macau’s casinos generated a total of MOP57.66 billion ($7.2 billion) in GGR, a 0.6% increase from the same period in 2024.  

However, January’s GGR of MOP18.25 billion ($2.27 billion) fell 5.6% year-on-year, contributing to a weaker start to the year.  

In 2024, Macau’s gaming revenue surged to MOP226.78 billion ($28.2 billion), up 24% from 2023, driven by a strong recovery in visitor numbers.