Macau Casinos Win $2.63 Billion in November as Nongaming Initiatives Pay Off

Macau Casinos Win $2.63 Billion in November as Nongaming Initiatives Pay Off

In November, Macau's casinos brought in MOP21.09 billion, or US$2.63 billion. It was the tenth consecutive month that gross gaming revenue (GGR) increased year over year.

November, usually the slowest month of the year in Macau, came after a busy October when over 1.3 million people visited the casino hub during the October 1–8 Golden Week holiday, when casino GGR reached over $3 billion, the highest monthly total since COVID-19.

Despite this, November sustained Macau's 2025 gaming surge, with the $2.63 billion haul signifying a 14.4% increase from November 2024. Macau's casino has made MOP226.5 billion (US$28.26 billion) so far this year, which is 8.6% more than it did in the same 11 months last year.

92% of the November 2019 GGR was in November. In the wake of the coronavirus, that is the highest level of recovery.

The GGR report from November boosted the value of publicly traded gaming enterprises in Macau. On Monday morning, the prices of Wynn Resorts, Melco Resorts, MGM Resorts, and Las Vegas Sands were all up.

Nearly Fulfilled Full-Year Forecast

Macau casinos have almost surpassed the Special Administrative Region Government's full-year projection of MOP228 billion (US$28.44 billion) with one month left in the current year. As part of its annual budget preparation, the government anticipates expected gambling revenue. Approximately 80% of the government's income comes from casino taxes.

Macau is reaping the benefits of its nongaming wager. Macau is becoming a destination known for leisure tourism and entertainment in addition to its thousands of baccarat tables, thanks to the casinos' billion-dollar investments in projects outside their casino floors.

With headliners now scheduling appearances not just in Hong Kong but also in Macau, the only area under Chinese authority where casino gambling is allowed, the city has swiftly become a K-pop hotspot.The number of high rollers in Macau has significantly decreased since the outbreak. This is a result of China's crackdown on the flow of money into Macau, a tax haven, from the mainland. Junket groups, which helped VIPs enter and exit Macau, are mostly no longer in existence.

In response, Macau has shifted its emphasis from VIPs to so-called "premium mass" gamblers. This category is for baccarat gamblers who wager thousands of dollars per hand.

According to analysts, November also benefited from robust mass-market activity. According to a Citigroup study, the mass market showed its ongoing "strength" in November.

Outlook for 2026 

The state of the Chinese economy will have a significant impact on Macau's future recovery. According to Goldman Sachs, the Chinese economy would expand between 4.4% and 4.6% in the upcoming year.

In an effort to boost domestic consumption, the Chinese government may provide mainlanders additional stipends to support the mission. Beijing has also reduced interest rates, increased liquidity for its state-owned banks, and provided housing subsidies as further stimulus measures.

The Macau government has set a 2026 GGR target of $29.4 billion, which seems doable given the state of the economy.