Macau’s casino revenues reach 88 per cent of pre-pandemic levels in June
Macau’s Gross Gaming Revenues have hit 88 per cent of pre-pandemic 2019 levels with June’s revenues increasing by 19 per cent year-on-year to reach MOP$21.06bn (US$2.6bn).
June is typically a low season for tourism
JP Morgan has said that the increase was driven by VIP and ultra-premium mass, taking second quarter revenue up by eight per cent year-on-year to MOP$61bn. For the first half of the year, 2025 gaming revenue has outstripped 2024 levels by more than four per cent.
Visitation to Macau has recovered to over 90 per cent of 2019 levels, with the SAR’s intake from mainland China and Hong Kong overtaking the levels experienced in 2019.
The analysts said: “We believe EBITDA growth may be a bit slower than GGR growth due to the mix shift towards high-end segments and likely higher promo and reinvestment for high-end patrons. Having said that, 2Q25 will mark the first quarter in a long while to beat the Street forecasts and historical seasonality, hopefully inflecting consensus momentum higher after 18+ months of downgrades, finally.”
June is usually a slow month in Macau with JP Morgan’s DS Kim and Selina Li highlighting the improved take-up at Galaxy Macau’s luxury Capella Macau tower as well as positive trends with the stock market and non-gaming events such as Cantopop icon Jacky Cheung’s residency at Galaxy Arena and a series of concerts by G-Dragon, all played a part.
Citigroup analyst George Choi highlighted that the first night of Cheung’s performances coincided with a 16 per cent increase in premium players compared to last year with average bet per high-roller increasing by 36 per cent.
