Macau Casinos Win $2.63 Billion in November as Nongaming Initiatives Pay Off
Posted on: December 1, 2025, 10:32h.
Last updated on: December 1, 2025, 10:41h.
- Macau casinos won $2.63 billion in November
- 2025 has been a good year for casinos in the Chinese enclave
- China’s economy will determine the fate of the ongoing rally in 2026
Macau casino revenue reached MOP21.09 billion (US$2.63 billion) in November. It marked the 10th consecutive month of year-over-year gross gaming revenue (GGR) gain.
November followed a strong October, where casino GGR totaled more than $3 billion, the highest monthly tally post-COVID-19. November is typically the slowest month of the year in Macau, following the busy October, when more than 1.3 million people traveled to the casino hub during the October 1-8 Golden Week holiday.
November nonetheless maintained Macau’s 2025 gaming rally, with the $2.63 billion haul representing a 14.4% gain on November 2024. Through 11 months of the year, Macau casino revenue stands at MOP226.5 billion (US$28.26 billion), an 8.6% premium on the same 11 months of last year.
November represented 92% of November 2019 GGR. That’s the highest recovery level in the coronavirus aftermath.
November’s GGR report helped shares of Macau’s publicly traded casino companies. Las Vegas Sands, MGM Resorts, Wynn Resorts, and Melco Resorts were all trading higher Monday morning.
Full-Year Forecast Nearly Met
With a month remaining in the current year, Macau casinos have nearly reached the Special Administrative Region Government’s full-year forecast of MOP228 billion (US$28.44 billion). Each year, the government projects anticipated gaming revenue as part of its budget planning. Casino taxes account for about 80% of the government’s revenue.
Macau’s bet on nongaming is paying off. With the casinos investing many billions on projects outside their casino floors, Macau is becoming a destination known not only for its thousands of baccarat tables but also for leisure travel and entertainment.
Macau has quickly emerged as a K-pop mecca, with headlining artists now booking stops not only in Hong Kong but in the enclave, the only place under Chinese control where casino gambling is permitted.
There are many fewer high rollers in Macau today than there were before the pandemic. That’s due to China cracking down on money movement from the mainland into the tax haven of Macau. Junket groups, which facilitated travel for VIPs in and out of Macau, are largely no more.
Macau has, in turn, switched its focus from the VIP to the so-called “premium mass” gambler. The classification is for those who gamble thousands of dollars per hand on baccarat.
Analysts say November benefited from strong mass-market play, too. A note from Citigroup suggested the mass market demonstrated its continued “strength” in November.
2026 Outlook
Macau’s continued comeback will depend heavily on China’s economic conditions. Goldman Sachs projects the Chinese economy to grow at a rate between 4.4% and 4.6% next year.
The Chinese government is focused on increasing domestic consumption and could provide mainlanders with further stipends to help the mission. Other stimulus measures from Beijing include lowering interest rates, increasing liquidity for its state-owned banks, and housing subsidies.
The Macau government projects 2026 GGR of $29.4 billion, a number seemingly attainable at current economic conditions.
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