Macau November GGR surpasses expectations as JP Morgan predicts stronger December
Macau’s casinos reported MOP21.1bn in GGR for November, reaching 92 per cent of pre-pandemic levels. JP Morgan forecasts even higher results in December and the strongest quarterly performance in six years.
Macau recorded stronger-than-expected casino gross gaming revenue (GGR) in November, with total takings reaching MOP21.1bn, according to JP Morgan’s latest market update. Despite November historically being a softer month, the result places GGR at 92 per cnet of pre-pandemic levels.
JP Morgan analysts reported that the mass-market segment grew an estimated 12–13 per cent year-on-year, with the VIP segment also recording growth. Based on current momentum, the bank expects December GGR to exceed November performance.
Forecasts point to year-on-year growth of 15–20 per cent in December, equivalent to monthly GGR of between MOP20.93bn and MOP21.84bn. Should these projections be met, Macau would post its strongest quarterly results in six years, representing around 16 per cent growth compared with the same quarter in 2024.
Macau’s casino landscape continues to shift as satellite casino closures progress under the gaming law implemented in January 2023. Kam Pek Paradise Casino, operating under the SJM licence, closed at midnight yesterday. Fortuna Casino will follow on December 9, marking the final closure among 11 satellite casinos exiting the market this year.
The list of closures includes Grandview, Legend Palace, Fortuna, Landmark, Ponte 16, Le Royal Arc, Emperor Palace, Kam Pek Paradise and Casa Real under SJM Resorts; Grand Dragon under Melco Resorts; and Waldo under Galaxy Casino. Of these, only Le Royal Arc is expected to return to operation once SJM completes full acquisition.
