Jefferies Raises Macau Casino Revenue Forecasts Amid Strong Summer Performances
Jefferies Increases Macau Gambling Revenue Outlook
Investment bank Jefferies has revised its projections for Macau’s gambling market, boosting its expected revenue figures. Although initially cautious, the firm now shows increased optimism about the potential growth of the region’s casino industry.
Stronger Revenue Predictions Despite a Slow Start in 2025
Previously, Jefferies estimated that Macau’s casinos would generate MOP 237 billion (approximately $29.5 billion) in total revenue for 2025. The latest update raises this forecast to MOP 248 billion (about $30.8 billion), indicating an anticipated annual growth rate between 13% and 15% for the sector.
The improved outlook comes after Macau’s casino operators delivered impressive results during the summer, offsetting the sluggish opening months of the year. This solid summer performance surpassed many expectations.
Analysts from Jefferies highlighted several key contributors to this positive trend, including engaging entertainment events, enhanced promotional campaigns, the introduction of luxury venues like Galaxy Macau’s Capella hotel, and renovations to established properties such as The Londoner Macao. These factors collectively helped to invigorate the local casino industry.
They also noted that drawing tourists who come for concerts and other attractions, even if not initially intending to gamble, benefits the casinos as many decide to play eventually.
Optimism from Multiple Firms Amid Cautious Official Projections
Macau’s casino operators reported strong revenue figures in August, reaching MOP 22.16 billion (approximately $2.76 billion) in that month alone. This surge has largely alleviated previous doubts held by some analysts about the market’s potential.
Jefferies is not alone in its bullish stance; other financial institutions, including CLSA and JP Morgan, have also upgraded their expectations for Macau’s gambling industry.
However, official government forecasts remain conservative. In June 2025, Macau’s government lowered its revenue estimates to MOP 228 billion (around $28.4 billion), reflecting caution due to the initially slow performance earlier in the year.
