Macaus Gaming Inspection and Coordination Bureau (DICJ)?has?reported?a 5 percent year-on-year rise in total gross gaming revenue (GGR) for May 2025, the highest monthly GGR recorded since the Covid-19 pandemic. For the month, GGR totaled MOP21.19 billion ($2.62 billion), a notable 12.4 percent increase over the MOP18.86 billion?registered in April.
Cumulatively, GGR for the five months of this year totaled MOP97.7 billion, compared to the MOP96.05 billion generated in the same period last year. The marks the first time this year that the monthly GGR has topped the MOP$20 billion mark, set as target by the government. The strong results come on the back of a “strong gaming demand,” as noted by brokerages, at the time of the five-day mainland China holiday. Macau welcomed more than 850,000 visitors, surpassing projections, over the five-day holiday from 1 May to 5 May averaging more than 170,000 arrivals each day.
Citigroup’s updated forecast for May
Citigroup had recently raised Macau GGR forecast for May 2025, with the new estimate standing at MOP21.25 billion, up from MOP21 billion. The upgraded projection came owing to a stronger-than-expected performance for the week of 19-25 May, which has been attributed to the?newly opened Capella at Galaxy Macau. The addition of the?new 5-star hotel, which was described as a serene oasis in the centre of a bustling city, has further solidified Galaxy?Macaus position as a leading luxury resort.
However, despite Macaus gaming sector posting an uptick in GGR for April 2025, CreditSights warned that the city remains on a difficult path to achieving its ambitious full-year revenue target. Cumulatively, GGR for the four months of this year totaled MOP76.51 billion, up 0.8 per cent year-on-year. However, the figure is 23.3 per cent lower than the same period of 2019 and well behind the 6 percent annual growth projected by the government. To hit its annual target, Macau would need 38.1 million visitors in 2025nearly 97 percent of its 2019 record levels.
Moody’s affirms Macau’s ‘Aa3’ rating
Meanwhile, Moodys Investors Service reaffirmed the Macao Special Administrative Regions (SAR) local and foreign currency issuer credit rating at Aa3, while maintaining a negative outlook. The ratings agency cited the citys strong fiscal reserves which have grown to MOP$624 billion as of March 2025.
An Aa3 rating from Moodys is considered a high-quality, investment-grade rating indicating very low credit risk. The rating is the fourth highest in Moodys long-term corporate obligation scalea solid vote of confidence from one of the worlds top rating agencies. It indicates a very low probability of default. The?solid rating comes on the back of Macaos strong fiscal reserve, at MOP$624 billion, it is five to six times larger than the governments annual expenditure.
