Macau’s gaming operators could generate a new post-pandemic high for gaming revenues in December following a stronger than expected result in November, according to investment bank JP Morgan.
In a note following release of the November figures on Monday, which saw GGR grow by 14.4% year-on-year to MOP$21.1 billion (US$2.63 billion), JP Morgan’s DS Kim, Selina Li and Lindsey Qian said they are modelling 15% year-on-year growth in December but added they would not be surprised to see growth exceed 20% above the MOP$18.2 billion (US$2.27 billion) recorded in December 2024, “likely wrapping up 2025 with the year’s strongest print”.
This would also see 4Q25 GGR up by between 5% and 6% quarter-on-quarter, marking the best quarter in six years.
Seaport Research Partners is also predicting year-on-year growth of 20% in December, aided by a weak Dec 2024 partly due to China President Xi’s visit to Macau last year. The research house is estimating Q4 growth of 16.7%.
“Growth should be driven by robust marketing and player reinvestment and, more importantly, continued easy money flows, along with unimpeded visa issuance,” said Senior Analyst Vitaly Umansky.
“The strong growth seen in 2H, and even more so in October and November, has been driven largely by the higher-end (both VIP and premium mass). Macau remains a secular growth story, driven by an increasing wealth effect in China with high propensity to gamble and increasing travel spend, as long as there is liquidity.
“While 2025 had started softly in Macau, our expectation for a summer pickup and strength in 2H has been correct, and we continue to see Macau as a secular long-term growth market.”
