Macau’s Gaming Revenue Hits Massive 21.06bn in June

Macau’s casino sector posted gross gaming revenue (GGR) of MOP21.06 billion (US$2.6 billion) in June, according to data released by the Gaming Inspection and Coordination Bureau (DICJ). The figure represents a 19.0% year-on-year increase and marks the second consecutive month with revenue exceeding MOP20 billion.

June’s total fell just 0.6% short of May’s MOP21.19 billion, which remains the highest monthly total recorded since the onset of the COVID-19 pandemic. Despite the slight month-on-month dip, June’s performance exceeded analyst expectations and reflects growing momentum in the recovery of Macau’s gaming sector.

Premium Play and Live Events Drive June Gains

Analysts at Citigroup attributed much of June’s strong performance to a spike in premium play, driven in part by Canto-pop star Jacky Cheung’s concert series at the Galaxy Arena. The high-profile event drew significant foot traffic and boosted casino activity. On opening night alone, premium player volume rose 16% compared to the same period last year, while average wager sizes among high-value players increased 36%, according to the bank.

The positive impact of live entertainment follows a similar trend observed in May, when Labour Day Golden Week and the soft opening of Capella at Galaxy Macau contributed to record GGR figures.
H1 2025 Up 4.4% Year-on-Year

Macau’s GGR for the first half of 2025 reached MOP118.77 billion, representing a 4.4% increase over the same period in 2024. This brings the monthly average to MOP19.79 billion, slightly ahead of the pace needed to meet the government’s revised annual forecast of MOP228 billion.

In June, authorities lowered the original 2025 target from MOP240 billion due to slower-than-expected performance earlier in the year. Chief Executive Ho Iat Seng had previously warned that sustained monthly revenues below MOP15 billion could lead to a fiscal deficit.
Recovery Nears Pre-Pandemic Levels

June’s GGR reached approximately 88% of the level recorded in June 2019, signaling continued recovery toward pre-pandemic norms. Meanwhile, visitor arrivals in May reached 3.4 million—equivalent to 99% of pre-COVID levels. While full June tourism data is pending, early indicators suggest the upward trend is holding.

June’s strong results come amid preparations for structural changes to Macau’s casino landscape. By the end of 2025, satellite casinos operated by third parties under major concessionaires are set to be phased out. The move, aimed at tightening regulatory control, is expected to affect several properties, particularly in the ZAPE district.

Despite the uncertainty, industry analysts remain optimistic. Citigroup projects a 6% year-on-year increase in GGR for the second half of 2025, citing sustained tourism, upcoming public holidays, and continued entertainment offerings as key drivers.

 

The sustained strength in Macau’s gaming revenue—particularly in the premium segment—shows that entertainment-led tourism is now a core driver of post-pandemic recovery,

Outlook

Following May’s record-setting revenue and June’s near-repeat performance, investor confidence in Macau’s recovery appears to be firming. The back-to-back months of strong GGR suggest a more stable return to growth, even as the industry navigates regulatory changes and broader economic headwinds.

With further large-scale events and steady tourism recovery on the horizon, the second half of 2025 could provide a clearer picture of Macau’s post-pandemic gaming future.