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The October figure represents a 15.9% increase compared to October 2024 and marks the highest monthly total since October 2019, before the pandemic disrupted global travel and tourism patterns. The result surpassed the previous post-pandemic record of MOP22.16 billion (US$2.77 billion) set in August 2025, demonstrating continued momentum in Macau’s economic recovery.
Strong Performance Despite Weather Disruptions
October’s record-breaking revenue came despite significant weather challenges during the Golden Week holiday period. Typhoon Matmo forced Macau authorities to issue a Signal No. 8 storm warning on October 4, suspending public transport and temporarily disrupting tourism activities.
Despite these disruptions, Macau welcomed over 1.14 million visitors during the eight-day Golden Week holiday from October 1-8, averaging approximately 143,000 visitors per day. The extended holiday period coincided with China’s National Day celebrations and the Mid-Autumn Festival.
Year-to-Date Performance Shows Steady Growth
For the first ten months of 2025, Macau’s cumulative gross gaming revenue reached MOP205.43 billion (US$25.64 billion), representing an 8% increase year-on-year. However, this figure remains 16.7% below the same period in 2019, when GGR totaled MOP246.74 billion (US$30.8 billion), indicating that full recovery to pre-pandemic levels is still in progress.
The October result brought Macau to approximately 91% of pre-COVID performance levels, according to analysts cited by industry sources.
Non-Gaming Initiatives Drive Visitor Growth
Casino operators attribute part of October’s success to their continued investment in non-gaming amenities and entertainment offerings. The shift toward integrated resort experiences has attracted more diverse tourist segments beyond traditional high-stakes gamblers.
This strategic pivot reflects Macau’s transition to a more sustainable, tourism-oriented model that emphasizes mass-market gaming supplemented by entertainment, dining, shopping, and cultural attractions rather than relying heavily on VIP players and junket operators.
Market Outlook and Government Projections
The Macau government originally projected annual gaming revenue of MOP240 billion (US$28.8 billion) for 2025 but revised this forecast to MOP228 billion (US$28.5 billion) following weaker-than-expected early-year performance.
With only MOP22.57 billion needed to reach the revised annual target, the industry would require an average of MOP11.3 billion per month in November and December—a goal that appears achievable based on October’s performance.
Some analysts project Macau’s full-year GGR could reach as high as MOP248.96 billion (US$30.79 billion), representing a 10% year-on-year increase.
Industry observers expect strong momentum to continue through the fourth quarter, particularly during the December holiday season when visitor numbers and spending typically increase.
Six Licensed Operators Continue Recovery
Macau’s gaming market operates under six licensed concessionaires: MGM, Galaxy Entertainment, Venetian, Melco Resorts, Wynn Resorts, and SJM Holdings. These operators renewed their concession contracts in December 2023 for 10-year terms that took effect on January 1, 2024.
The operators continue to focus on infrastructure improvements, loyalty programs, and premium experiences designed to attract both casual visitors and high-value players while maintaining compliance with Macau’s regulatory requirements.
Source: Gaming Inspection and Coordination Bureau (DICJ)
