Macau’s casino sector delivered its best performance since the onset of the Covid-19 crisis, with gross gaming revenue (GGR) in August reaching MOP22.16 billion (US$2.76 billion). Data released by the Gaming Inspection and Coordination Bureau (DICJ) shows the figure rose 12.2 percent compared with August 2024, when operators generated MOP19.75 billion. It also edged above the MOP22.13 billion recorded in July, setting a new post-pandemic benchmark for the city’s gambling industry.

The August outcome marked the most profitable single month since January 2020, just before pandemic-related restrictions severely curtailed visitor arrivals and casino earnings. Analysts noted that the summer holiday period drove significant travel to Macau, boosting hotel occupancy rates to around 90 percent, according to the Macao Government Tourism Office. The seasonal influx provided a welcome lift, although industry watchers caution that activity typically cools in September as the tourism off-season begins.

Year-to-Date Growth and Government Projections

Cumulative figures also illustrate the rebound. From January through August, Macau’s GGR amounted to roughly MOP163.05 billion (US$20.3 billion), representing a 7.2 percent improvement over the same period last year. This total equates to more than 82 percent of what the city achieved in the first eight months of 2019, the last full pre-pandemic year.

The government had originally projected average monthly revenue of MOP20 billion for 2025, or MOP240 billion across the year. However, weaker-than-expected performance earlier in the year prompted authorities to revise their outlook to MOP19 billion monthly, or MOP228 billion annually. With August’s stronger-than-forecast results, the industry surpassed these revised expectations, indicating that momentum has returned more quickly than policymakers anticipated.

So far in 2025, the monthly average stands at MOP20.38 billion, suggesting that casinos are tracking slightly ahead of even the initial, higher government forecast.

Analysts See Sustained Momentum

International investment banks remain upbeat about Macau’s trajectory. JP Morgan recently described the city’s performance as a “busy and happy summer,” adding: “We foresee sustained double-digit GGR growth in the coming quarters at least until first-quarter 2026.” Morgan Stanley has similarly projected that gross gaming revenue will expand by 15 percent year-on-year in the second half of 2025, according to Macau News. The bank attributes its confidence to higher-than-usual demand at casinos and the return of dividend payments by concessionaires — a development interpreted as a sign of renewed financial stability in the sector.

Other market observers highlight that August’s revenue levels were the highest seen outside of major holiday periods such as Golden Week, underlining the depth of recovery in everyday tourism and mass-market gaming segments. Several operators have already announced dividend payouts, underscoring confidence despite share prices remaining subdued relative to pre-pandemic peaks.

Global Context and Competitive Landscape

The growth in Macau comes as international comparisons underscore the city’s continuing dominance in the casino industry. In the United States, Nevada reported gaming revenue of US$1.36 billion for July 2025, a 4 percent year-on-year increase. Clark County, which includes Las Vegas, accounted for nearly US$1.2 billion of that total, with baccarat revenue on the Strip rising sharply by 79 percent to US$114.5 million. While healthy, these results remain modest compared with Macau’s monthly totals, reaffirming its status as the world’s largest gaming hub.

Macau’s casino economy has seen fluctuations throughout 2025, beginning with a weak January that fell short of 2024 levels. However, the subsequent months brought steady gains, with notable double-digit increases in June and July. The August record cements a strong mid-year trend and signals that the recovery trajectory remains intact despite global economic headwinds.