The Macau government’s diversification push is proving successful in attracting more leisure tourists to visit the city but has seen – and will continue to see – a reduction in average spend per visitor, according to research by brokerage CLSA.
In their latest Macau sector outlook report, CLSA analysts Jeffrey Kiang and Leo Pan noted that Macau’s GGR per visitor has declined 9% year-on-year from MOP$6,459 to MOP$5,846 in 1Q25 – also representing a 21% decline compared with 2019 levels. GGR per visitor is expected to fall by 6.6% year-on-year through FY25 although a 6.3% rebound is forecast for 2026.
Although consumer confidence is one reason for the reduced spend, CLSA added that “Macau’s diversification into more non-gaming offerings, such as entertainment events, is also a driver for more leisure visitors.”
On total visitation alone, the brokerage expects visitor arrivals to grow by 9.0% this year to 38.1 million in 2025, followed by 3.6% and 4.4% growth to 39.4 million in 2026 and 41.2 million in 2027, respectively.
“Our forecast reaches parity with the 2019 level by 2026,” the analysts said.
The issue of growing Macau’s reputation as a genuine tourism hub away from gaming itself was recently addressed by Galaxy Entertainment Group Chairman Francis Lui, who warned that the city also needs to address its limited hotel room supply in order to stay competitive with regional competitors – particularly as visitor numbers climb nearer pre-COVID levels.
“Las Vegas has over 155,000 hotel rooms supported by 42 million annual visitors. This is over three times that of Macau’s nearly 44,000 hotel rooms despite having 35 million visitors last year,” Lui said during a Keynote Address at G2E Asia.
“Demand for accommodation will continue to outstrip supply in the years ahead. We must also come together as an industry to protect Macau’s premium positioning by not competing on prices but on quality and the customer experience.
“If we fail to properly address the question of accommodation supply, Macau’s competitiveness as a non-gaming destination not only regionally but globally could diminish.”
CLSA, meanwhile, forecasts 1.8% year-on-year growth in 2025 to MOP$230.8 billion (US$28.7 billion), led by visitation growth, followed by 10.2% year-on-year growth to MOP$254.4 billion (US$31.7 billion) in 2026.
