The recent resurgence of VIP gaming in Macau was further highlighted in the December 2025 quarter, with gross gaming revenue from VIP baccarat rising by 45.0% year-on-year and by 20.1% quarter-on-quarter to MOP$20.3 billion (US$2.61 billion), according to calculations by the city’s gaming regulator – the Gaming Inspection and Coordination Bureau (DICJ).
VIP also comprised a larger 30.7% share of industry-wide GGR compared to 24.3% a year earlier and 26.9% in 3Q25.
Industry-wide GGR of MOP$66.2 billion (US$8.24 billion) was 14.9% higher year-on-year and set another post-COVID record following a strong year for the Macau gaming sector.
While mass baccarat also showed Q4 growth, it did not accelerate as quickly as VIP. The DICJ’s figures show mass baccarat up 6.2% year-on-year to MOP$36.2 billion (US$4.51 billion), which was only 1.5% higher than in Q3 and was actually slightly lower than in Q2.
Notably, the percentage contribution of mass baccarat also fell from 59.2% in 4Q24 and 58.2% in 3Q25 to 54.7%.
Still, VIP GGR remains well below its 3Q13 peak when VIP baccarat generated GGR of MOP$57.8 billion (US$7.22 billion) or 64.6% of industry-wide revenue.
The decline of the sector is linked to the demise of the junket industry following the collapse of industry giants Suncity Group and Tak Chun Group in late 2021 and early 2022. There are reported to be around 30 licensed junkets operating in Macau as of today – below the government’s cap of 50. There had been back in 2013 as many as 235 junkets operating in the city.
