Monthly Performance Overview
Macau’s gross gaming revenue (GGR) reached MOP18.3 billion ($2.27 billion) in September, a 6 percent increase compared to the same month last year. However, the figure fell 17.5 percent from August, when GGR hit MOP22.16 billion ($2.77 billion) — the highest monthly total of 2025 so far, according to the Gaming Inspection and Coordination Bureau (DICJ).
Impact of Typhoons
September’s results also reflected the disruption caused by two typhoons. Typhoon Tapah struck early in the month, while Super Typhoon Ragasa forced casinos to shut down for 33 hours at the end of September under a government order. These interruptions directly weighed on casino operations and reduced visitor traffic.
Year-to-Date Growth and Long-Term Context
For the first nine months of 2025, Macau’s casino GGR totaled MOP181.3 billion ($22.5 billion). This represents a 7.1 percent year-on-year increase, but the market still trails 2019 levels by 17.7 percent, when GGR reached MOP220.2 billion ($27.4 billion). The data underscores that while recovery continues, Macau has yet to return to its pre-pandemic peak.
Analyst Expectations and Market Outlook
Analysts had already predicted a slower September due to seasonality, since the period between the summer holidays and the National Day Golden Week typically brings weaker performance. Citigroup initially forecast GGR at MOP19.5 billion ($2.42 billion), equivalent to 12 percent growth year-on-year. In comparison, HSBC estimated GGR between MOP18.4 billion ($2.28 billion) and MOP19.4 billion ($2.4 billion), suggesting 7 to 12 percent growth.
Looking Ahead
Despite September’s drop, analysts expect momentum to pick up. Citigroup pointed out that operators are now strategically organizing major entertainment events following the National Day Golden Week (October 1–8). This approach aims to sustain GGR growth and capture post-holiday demand, reinforcing optimism for a stronger Q4 performance.
