Macau’s gaming industry maintained its upward momentum in June, reporting gross gaming revenue (GGR) of MOP21.06 billion (US$2.60 billion), a 19% increase over the same month in 2024. According to the city’s Gaming Inspection and Coordination Bureau (DICJ), this figure represents the second-highest monthly total for 2025, only narrowly trailing May’s record-setting MOP21.19 billion (US$2.62 billion).

While the June tally reflects a minor month-on-month dip of 0.6%, it still exceeded industry forecasts, signaling continued resilience in Macau’s post-pandemic recovery. The strong result defied expectations of a seasonal slowdown, with several analysts cited by Asia Gaming Brief pointing to the high-profile concert series by Cantopop icon Jacky Cheung as a central factor in driving traffic and gaming activity during the month.

The analysis conducted by a powerful global financial firm revealed that on the concert’s opening night alone, premium player volumes rose by 16% compared to the same time last year, with average wager sizes jumping by 36%. A separate table survey conducted on June 20 revealed that premium mass betting volumes were up 58% year-on-year.

First Half of 2025 Outpaces Revised Forecasts

Looking at the broader picture, Macau’s casino sector generated a total of MOP118.77 billion (US$14.69 billion) in GGR during the first half of 2025, marking a 4.4% increase from the same period in 2024. While this still lags 20.5% behind pre-COVID levels—the 2019 six-month total was MOP149.50 billion (US$18.49 billion)—it reflects a steady recovery, particularly when compared to a sluggish start earlier in the year.

This recent rebound helped pull the monthly GGR average to MOP19.79 billion, exceeding the government’s revised forecast pace. In June, authorities adjusted the annual projection from MOP240 billion to MOP228 billion in light of underperformance in the first quarter. Chief Executive Ho Iat Seng previously warned that sustained GGR below MOP15 billion per month could put the city’s budget at risk.

Still, with June’s revenue equivalent to 88% of the GGR recorded in June 2019, the data suggests that Macau is approaching normalization more rapidly than expected.

Live Events and VIP Play Fuel Recovery

June’s strong results build on the momentum established in May, which had been boosted by the Labour Day Golden Week and the opening of Capella at Galaxy Macau. These developments attracted premium visitors and drove significant VIP play, contributing to the city’s post-pandemic revenue resurgence.

Jacky Cheung’s nine-show concert run at Galaxy Arena, which began in mid-June and is set to continue into early July, has played a pivotal role in sustaining this momentum. Citigroup emphasized that such events not only increase venue-specific foot traffic but also elevate overall visitor numbers across the Cotai Strip and other key properties.

Though official visitor arrival statistics for June are pending, May saw 3.4 million arrivals—about 99% of pre-pandemic levels. Early indicators suggest that June continued this trend, with non-gaming attractions increasingly playing a vital role in drawing diverse visitor segments.

Policy Changes and Second-Half Outlook

The surge in gaming revenue comes amid preparations for significant regulatory adjustments in Macau’s gaming sector. By the end of 2025, satellite casinos operating under third-party management are expected to be phased out. This transition, which aims to consolidate control under licensed concessionaires, could impact several venues, particularly those located in the ZAPE district.

Despite potential disruption, industry analysts remain positive about Macau’s performance for the remainder of the year. Citigroup projects a 6% year-on-year rise in GGR for the second half of 2025, driven by upcoming holiday periods, a robust calendar of entertainment offerings, and a continued return to near-normal tourist levels.

June’s figures reinforce the notion that the city’s gaming industry, once severely hampered by pandemic restrictions, is on a firm path toward recovery. With both non-gaming experiences and high-value player segments showing strong engagement, Macau appears well-positioned to sustain its growth trajectory through the rest of the year.