Macau’s gaming labor market continued its downward trajectory in the third quarter of 2025, extending a trend that has persisted for three straight year-on-year comparisons. The latest update from the Statistics and Census Service provides a clear snapshot of a sector adjusting to structural change as long-running satellite casinos prepare to close and regulations reshape the operating landscape for all six concessionaires.

Workforce Levels Hit Lowest Point Since Late 2023

At the end of September, the city counted approximately 68,900 individuals working within the gaming industry, a 3.6 percent decline from the same period last year. This marks the lowest staffing level registered since the final quarter of 2023, when employment totaled 67,400. The most significant reduction occurred within “betting-related” jobs—including croupiers and cage managers—which fell 6.6 percent year-on-year to 38,800 workers. It was the third consecutive quarter in which these positions contracted compared to the previous year.

These workforce shifts are occurring at the same time that Macau prepares for the largest operational restructuring of its casino market in more than a decade. With the satellite casino model approaching its formal end, the employment base tied to these venues has begun to recede as operators realign staffing and reassign roles.

The decline in gaming employment coincides with the ongoing closure of the city’s satellite casinos. Under the updated regulatory framework—aligned with the new concession period—third-party investors will, beginning next year, no longer be entitled to gaming revenue. Instead, they will only be permitted to earn a “management fee” through a licensed “management company.” This shift has led several operators to withdraw support for satellite venues entirely.

In June, SJM Holdings Ltd, Galaxy Entertainment Group Ltd, and Melco Resorts & Entertainment Ltd each announced plans to stop supporting satellite casinos by the end of the year. Earlier this year, Macau still had 11 such venues. Today, only six remain in operation: Casino Casa Real, Casino Landmark, Casino Kam Pek Paradise, Casino Fortuna, Casino Ponte 16, and Casino Le Royal Arc (also known as Casino L’Arc Macau). Casino Casa Real is scheduled to cease operations at 11:59 p.m. on November 21.

According to GGRAsia, government projections released in June estimate that 5,600 local residents will be affected by the satellite closures. This includes 4,800 workers tied to concessionaires that affixed their licenses to satellite operations, 800 employees of satellite venue owners, and a further 400 imported workers. Authorities have instructed concessionaires to integrate Macau-resident employees from closing satellite venues into their own operations to help avoid long-term unemployment during the transition.

Early November GGR Reaches US$1.39 Billion Despite Mild Slowdown

Alongside staffing adjustments, new data offers a preview of Macau’s revenue performance for November. Citigroup estimates that gross gaming revenue for the first 16 days of the month reached MOP11.1 billion (US$1.39 billion), averaging MOP671 million per day based on sector checks. The institution reported a “circa 6-percent moderation in GGR run-rate versus that of the first nine days of November 2025 (about MOP711 million a day).”

Citigroup suggested that temporary hotel capacity constraints during the 15th National Games—co-hosted by Macau, Guangdong, and Hong Kong—played a role, noting that “We suspect the minor moderation in GGR is attributable to some hotel rooms being occupied by the athletes participating in the National Games, leading to a temporary small decline in average players’ length of stay (and play).”

Its memo further stated that “VIP volumes declined about 6 to 8 percent month-on-month and mass GGR fell circa 8 to 10 percent month-on-month,” while adding that “VIP hold rate appears to be little changed versus the first nine days of the month.” Despite the softer week-two results, the institution maintained its forecast: “We conservatively keep our November 2025 estimate GGR forecast of MOP20.5 billion unchanged – approximately 90 percent of November 2019; +11 percent year-on-year –, implying GGR to average about MOP671 million a day for the rest of the month.”

Citigroup reiterated in September that it had raised its full-year forecast to MOP248.6 billion, supported by an expanding lineup of concerts and events and the “increasing popularity” of baccarat side bets across the market.