Macau Casinos Win $30.9 Billion in 2025, Highest Annual Mark Since Pandemic
Posted on: January 1, 2026, 08:39h.
Last updated on: January 1, 2026, 08:50h.
- Macau casinos won $30.9 billion in 2025
- The 2025 casino tally is the highest annual mark since 2019
- Macau’s momentum is expected to continue into 2026
The gambling capital of the world retained its title in 2025, as casinos in Macau generated gross gaming revenue (GGR) of MOP247.4 billion (US$30.84 billion), more than double the size of the Las Vegas Strip.
Gross gaming revenue is the amount of money retained by a casino after paying out winnings. The six gaming operators in the Chinese enclave saw 2025 GGR increase by 9.1% from the prior year, a positive difference of about $2.5 billion.
The year ended with December casino win surging 14.8% year-over-year to $2.6 billion. December was the market’s sixth-strongest GGR month of 2025.
After a slow start to the year, where January GGR was down 5.6%, the following 11 months in 2025 were all positive compared with 2024. The year was highlighted by October, when GGR topped $3 billion, the richest gaming month since pre-pandemic 2019.
Macau Comeback
Macau exceeded expectations in 2025. A year ago, analysts were unsure how the Chinese Special Administrative Region (SAR) would manage with significantly fewer VIPs in town after Beijing shuttered the junket industry that brought mainland high rollers to Macau.
The operating climate for Sands, Galaxy, MGM, Wynn, Melco, and SJM was further complicated by Macau forcing the concessionaires to invest many billions of dollars in non-gaming projects, a condition of their 10-year license extensions. Macau used the 2022 relicensing to further its diversification wishes to pivot its economy from its heavy reliance on casino gambling.
As Las Vegas did many years ago, Macau is seeking to become a more attractive destination for families, leisure travel, business, and conventions. 2025 outpaced the consensus forecast among analysts of $30 billion. The $30.8 billion haul represented 84.7% of the market’s 2019 pre-pandemic GGR tally and is the highest annual mark in COVID-19’s aftermath.
The casinos have proven their resiliency in pivoting from the VIP to the premium mass and mass market players. Such players still bet hundreds of dollars per baccarat hand.
While the resorts had certainly wished to retain their junket partnerships, a silver lining is that lower market players are more profitable off the casino floor, as lavish comps aren’t as readily afforded. But, of course, the casinos need many more premium and mass market customers to make up for the lost VIP casino revenue.
2026 Outlook
Macau’s momentum is likely to continue into 2026, with China’s economy recovering and mainlanders seemingly more willing to travel with the pandemic now an afterthought for most.
Macau remains a secular growth story, driven by an increasing wealth effect in China with high propensity to gamble and increasing travel spend,” said Seaport Research Partners Global Gaming Senior Analyst Vitaly Umansky.
“We continue to see Macau as a secular long-term growth market,” Umansky added.
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