Macau’s Gaming Inspection and Coordination Bureau (DICJ) has reported a 1.7 percent rise in total gaming revenue for April 2025. For the month, total gross gaming revenue (GGR) totaled MOP18.86 billion (US$2.36 billion). While it was up from the corresponding period, it marked a decline of 4.1 percent sequentially.
As per analysts, the figure was pumped by the Easter holiday period from 18-21 April. During the holiday period, Macau welcomed 520,065 visitors. Cumulatively, GGR for the four months of this year totaled MOP76.51 billion (US$9.54 billion), up 0.8 per cent year-on-year. However, the figure is 23.3 per cent lower than the same period of 2019.
Analysts have pointed to the slow recovery of the base mass market this year, marking the largely underwhelming gaming revenues so far. Macquarie Equity Research analysts have also noted the potential impact of a recent crackdown on illegal money changers for both the mass and premium mass gaming sectors. The catalyst for these concerns is a police operation that resulted in the arrest of 33 individuals, including 14 바카라 hosts from Cotai-based 바카라s.
Seaport slashes Macau’s GGR forecast by half
Last week, brokerage Seaport Research Partners slashed their Macau’s gross gaming revenue growth forecast for 2025 by more than half. The brokerage now expects 3 percent expansion, down from a previous estimate of 6.5 percent. This comes after a “weaker than expected start to the year,” wrote analyst Vitaly Umansky in a memo.
For the year 2026 and 2027, the brokerage has projected growth of 7 percent, with “GGR recovering to 92 percent of 2019 by 2027,” he added. “We are forecasting a strengthening to the market in late summer and into the back half of this year and do not expect the trade war to have a significant negative impact on Macau, at this time,” said the analyst.
American gaming operators in Macau face pressure
However, in another note Fitch Ratings has warned that American gaming operators in Macau are facing increasing pressure from rising geopolitical tensions between the United States and China. As the trade war between the two economic powers deepens, concerns are growing that US-based 바카라 firms could become collateral damage in a prolonged diplomatic and economic standoff.
In early April, Citigroup noted that Macau’s GGR reached about MOP3.5 billion in the first six days of April 2025. The daily GGR in early April stood at MOP583 million, marking an 8 percent decrease when compared to the late March figures. Meanwhile, Macau’s March GGR totaled MOP19.66 billion, marking a modest 0.8 percent increase compared to the previous year. March’s gaming revenue marks a slight decrease of 0.4 percent from February’s figure. March’s figure took the aggregate gaming revenue so far this year to nearly MOP57.66 billion, up 0.6 percent on the same period in 2024.
