Macau’s casino industry is riding a wave of momentum, with gross gaming revenue (GGR) for the week of August 18–24 reaching MOP$793 million (US$98.3 million) per day, according to analysts at JP Morgan. This marks a 9% rise from the previous week’s daily average of MOP$710 million and represents the city’s highest non-Golden Week daily GGR since the pandemic.

Macau Gaming Revenue Hits New Highs

According to Inside Asian Gaming, analysts DS Kim, Selina Li, and Lindsey Qian attributed the spike to increased tourist traffic during the peak summer travel season. This influx of visitors pushed month-to-date GGR for the first 24 days of August to MOP$17.65 billion (US$2.18 billion), averaging MOP$735 million (US$91.1 million) per day.

With these figures, JP Morgan has raised its projection for August’s GGR, now expecting a year-on-year growth of between 11% and 14%, translating to MOP$21.9 billion to MOP$22.5 billion (US$2.72 billion to US$2.79 billion). The new estimate suggests that August will likely surpass the current post-pandemic record of MOP$22.13 billion set in July.

Breaking down the performance by segment, both the VIP and mass markets experienced year-on-year growth between 10% and 15% during the first three weeks of August. This translates to the VIP segment recovering to roughly 30% of pre-pandemic performance, while the mass market has soared to around 125% of its pre-2020 levels.

JP Morgan noted that this balanced growth is a positive indicator for the industry’s overall recovery trajectory. The bank also anticipates sustained double-digit GGR growth through at least the first quarter of 2026. Analysts highlighted that, “coupled with Street upgrades, [this] should attract long-only investors, supporting valuations to expand from the current circa 9 times enterprise value/EBITDA.”

Despite the positive momentum, Macau’s Hong Kong-listed gaming stocks have yet to fully reflect this growth. However, analysts expect that consistent earnings visibility and broader investor interest will likely lead to a re-rating of these stocks in the near term, even without a significant external catalyst.

July Tax Revenue and Year-to-Date Performance

Adding to the city’s strong performance, Macau’s Financial Services Bureau reported that gaming tax revenue in July reached approximately MOP$8.11 billion (US$1.01 billion). This figure is consistent with June’s MOP$8.16 billion (US$1.02 billion) and corresponds to June’s GGR of MOP$21.1 billion (US$2.60 billion), which represented a 19% year-on-year increase.

For the first seven months of 2025, gaming taxes totaled MOP$53.4 billion (US$6.64 billion), reflecting a 3.4% rise compared to the same period in 2024. During this timeframe, gaming taxes accounted for an impressive 86.3% of Macau’s total government revenue of MOP$63.3 billion (US$7.87 billion).

With the government targeting MOP$93.1 billion (US$11.6 billion) in gaming tax revenue for FY25, the current figures show that 60.3% of the annual target has already been achieved by the end of July. These numbers further underline the industry’s resilience and its central role in Macau’s economic recovery.