Gross gaming revenue (GGR) generated by Macau’s VIP baccarat segment showed significant improvement in the second quarter, rising by 22.7% year-on-year to MOP$16.3 billion (US$2.02 billion). It was also 12.9% higher than in the March 2025 quarter, according to information from the Gaming Inspection and Coordination Bureau.
Analysts have in recent months pointed to the positive impact of high-profile concerns at Macau’s integrated resorts on the premium gaming segments as well as high VIP hold.
The result was, as per the DICJ’s numbers, that VIP baccarat accounted for 26.7% of all Macau GGR in 2Q25, up from 25.0% in Q1.
Mass baccarat’s contribution fell from 59.4% in Q1 to 58.1% although GGR still grew in real terms, up 2.8% year-on-year and 3.7% quarter-on-quarter to MOP$35.6 billion (US$4.40 billion).
Total industry GGR for the March 2025 quarter was MOP$61.3 billion (US$7.58 billion), marginally higher than the MOP$57.8 billion (US$7.15 billion) recorded in 1Q25.
Although VIP GGR exhibited improvement for the June quarter, it is still 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. There are currently 24 licensed junkets in Macau, down from 36 in 2023 and from a high of 235 in 2013.
