April saw Macao casinos’ gross gaming revenue (GGR) come in at 18.86 billion patacas (US$2.36 billion), a year-on-year rise of just 1.7 percent, according to official figures.
The take was 4.1 percent lower than March’s total, and the year’s worst monthly performance since January. It was also below the 20 billion patacas the government had forecast would be 2025’s monthly GGR average.
Macao gaming operators’ underwhelming performance this year-to-date has been attributed to the slow recovery of the base mass market and Beijing-ordered crackdowns on illegal money exchange activities, along with the shaky economic situation in the mainland (by far Macao’s biggest source of gamblers).
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Analysts have predicted that the ongoing tariff war between the US and China and the weakening yuan will indirectly impact GGR this year, which has contributed to cuts in their 2025 GGR growth forecasts. However, they have also said that stimulus measures from the central government should improve consumer confidence later in the year, providing “a positive tailwind for Macao’s revenues.”
The local government earned 22.2 billion patacas (US$2.79 billion) in gaming tax revenue during the first quarter of 2025, a rise of just 0.2 percent compared with the same period last year. The figure represented 88.1 percent of total tax revenue, which was tracking below expectations.
In response to the casino revenue shortfall, chief executive Sam Hou Fai said in early April that the city could face a budget deficit if the monthly GGR dips to 15 billion patacas or lower.
