Macao’s casino industry generated an annual gross gaming revenue (GGR) of 247.4 billion patacas (US$30.85 billion) in 2025, according to data from the Gaming Inspection and Coordination Bureau.
When compared to the 226.8 billion patacas (US$28.1 billion) in GGR recorded in 2024, the current figure marks an increase of 9.1 percent. It also exceeds the SAR government’s revised GGR estimate of 228 billion patacas (US$28.35 billion). Originally, the official forecast had been set at 240 billion patacas, although it was ultimately lowered due to the weaker-than-anticipated gaming revenue.
As for the month of December, the SAR earned a GGR of 20.89 billion patacas (US$2.6 billion), a fall of 0.9 percent against the 21.08 billion patacas (US$2.63 billion) recorded in November.
December’s earnings, however, represent a jump of 14.8 percent in comparison to the 18.2 billion patacas (US$2.26 billion) from a year before.
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The local gaming sector’s strong year-on-year performance is not entirely unexpected, as casino earnings in December 2024 were adversely impacted by the heightened security measures adopted during Chinese President Xi Jinping’s visit to Macao between 18 and 20 December.
Last month’s GGR was also bolstered by a strong lineup of concerts from well-known performers such as Alan Tam and Mirror, as well as major events, including the 2025 MGM Macau Tennis Masters and two government-organised New Year’s Eve countdown concerts.
For 2026, the Macao government is projecting the annual GGR to reach 236 billion patacas (US$29.4 billion), up 3.5 percent in comparison to the revised 2025 forecast, but down 1.9 percent against the original 2025 number.
The government’s conservative forecast reflects its fears concerning external risks and uncertainties, which were mentioned in the 2026 policy address.
By comparison, analysts are far more optimistic about Macao’s casino earnings in 2026, with Jefferies and Seaport Partners predicting year-on-year increases of roughly 6 percent and 7 percent for the year ahead.
