Macau’s gaming revenues are on track to soar past the government’s reduced 2025 GGR forecast of MOP$228 billion (US$28.4 billion) and instead reach its original forecast of MOP$240 billion (US$29.9 billion), according to financial research group CreditSights.
The analysis follows the SAR’s recent surge and comes despite a more subdued September than expected due to the impact of Super Typhoon Ragasa.
In a Monday note, CreditSights observed that even with the slower September, GGR for the first nine months of 2025 is up 7% year-on-year to MOP$181.3 billion (US$22.6 billion) which is equivalent to 80% of the current MOP$228 billion target. But it could be better than that – particularly on the back of what most expect to be a very strong October.
“We expect the strong visitations witnessed during the recent Golden Week holiday to support a better GGR performance in October,” the research group said.
“We see Macau in a decent position to achieve its 2025 GGR target, with only a monthly average GGR of MOP$15.6 billion (US$1.95 billion) needed vs year-to-date monthly average of MOP$20.1 billion (US$2.51 billion) for the fourth quarter.
“Should the current pace of monthly GGR churn be sustained, it would also put the government’s previous GGR target of MOP$240 billion within reach.”
While GGR figures for Golden Week have not yet been made public, industry sources have expressed positive sentiment while CreditSights observed that total visitation of 1.14 million and average daily visitation of 143,000 across the eight days was higher relative to the holiday periods in 2024 and 2019.
