Macao’s casino operators generated a gross gaming revenue (GGR) of 21.08 billion patacas (US$2.63 billion) last month, according to data from the Gaming Inspection and Coordination Bureau.
November’s GGR marks a growth of 14.4 percent in comparison to the 18.43 billion patacas (US$2.29 billion) registered over the same period in 2024.
On a month-on-month basis, however, the November gaming revenue represents a dip of 12.45 percent. This drop is unsurprising given the record-breaking GGR benchmark of 24.08 billion patacas (US$3.01 billion) clocked in October – the highest monthly figure so far this year.
October’s gaming revenue benefited from the influx of mainland visitors who entered Macao during the 8-day “golden week” holiday between 1 and 8 October, which saw the celebration of National Day and the Mid-Autumn Festival. That month also saw the hosting of the NBA China Games and Jackson Wang concert, which helped to sustain the strong tourism numbers over the post-holiday period.
By contrast, November did not feature any major mainland Chinese public holidays, although a number of large-scale events were held that month, including the 15th National Games, the 72nd Macau Grand Prix and the 25th Macau Food Festival.
[See more: Gaming revenues on pace to hit revised budget target by early December]
In total, Macao’s GGR between January and November of 2025 totaled 226.51 billion patacas (US$28.35 billion). When averaged by month, Macao’s casino revenue continues to surpass the government’s monthly GGR estimate of 19 billion patacas (US$2.37 billion).
Currently, the government is forecasting Macao’s GGR for the whole of 2025 to reach 228 billion patacas (US$28.5 billion) or an average of 19 billion patacas per month. Initially, the authorities had set the gaming revenue at 240 billion patacas (US$29.9 billion), although it later downgraded its forecast in response to the less-than-expected GGR figures.
Despite this, analysts are hopeful that the 2025 GGR will exceed the government’s revised forecast, with CreditSights predicting last month that it will be on par with the original 240-billion-pataca estimate.
Based on the current 2026 budget proposal, the SAR government expects the local gaming industry to generate 236 billion patacas (US$29.4 billion) in GGR next year.
