Macau’s Casino Revenue Expected to Surpass $2.5 Billion in November
November Revenue Forecast for Macau’s Casinos
Macau’s casino sector is projected to earn approximately MOP 20.5 billion (about $2.55 billion) in gross gaming revenue for November. Although the month began with a 4% weekly decline, the drop was less severe than initially anticipated, signaling stable demand amid seasonal tourism fluctuations.
Visitor Trends and Gaming Revenue Insights
Visitor numbers in the third quarter remained strong, with a 14% increase compared to the previous year. Tourists from mainland China also grew by 17%. However, the proportion of same-day visitors rose to 58% from 54% a year ago, which has affected the average spending per visitor. Meanwhile, non-gaming expenditures from mainland tourists dropped slightly by 5% in Q3, improving from a 15% fall in Q2, and spending on lodging and shopping has begun to stabilize.
According to industry reports, the first nine days of November generated roughly MOP 6.4 billion ($800 million) in gross gaming revenue, averaging about MOP 711 million ($89 million) daily. Events like the Waterbomb Macau outdoor music festival during the previous weekend may have helped soften the decline in gaming income. VIP gaming revenue is estimated to have decreased by 4–6% month-over-month, while mass-market revenue fell by 7–9%, though VIP win rates remained slightly above average. Analysts remain cautiously optimistic, maintaining the forecast of MOP 20.5 billion ($2.55 billion) for the entire month, indicating a daily average near MOP 671 million ($83 million) for the remainder.
Year-on-Year Growth Highlights Macau’s Industry Resilience
In November 2024, Macau’s casinos generated $2.3 billion, marking a 14.9% increase from the previous year and surpassing analyst expectations of 13% growth. This growth underscores a continuing upward trend in the region’s gaming profits. The expansion is partly driven by diversified offerings that emerged post-pandemic.
While November revenue declined 11.3% compared to October last year, annual growth figures still highlight strong resilience. From January to November 2024, total casino revenue approached $26 billion, a 26.8% rise over the previous year. This positive trend appears to be sustained into 2025, with diversification efforts contributing to greater visitor spending. In the first ten months of 2025, gaming-related revenue reached over MOP 77.47 billion ($9.68 billion), reflecting an increase of nearly 6.1% compared to the same period a year earlier.
