Investment banking firm Jefferies has updated its Macau forecasts, increasing its gambling revenue projections for the region. Despite its previous reservations, the firm now seems much more optimistic about the local industry’s potential.
Jefferies Is Optimistic About Macau Despite the Slower Start to 2025
Jefferies‘s previous forecast predicted that Macau’s casinos would reach MOP 237 billion ($29.5 billion) in revenue for 2025. The investment banking firm has now improved its forecasts significantly, saying that it expects the Macanese gambling industry to generate MOP 248 million ($30.8 billion) in revenue instead.
Jefferies’ figure outlines annual growth of between 13% and 15% for Macau’s gambling industry.
The improved forecast comes in the wake of beneficial summer performances for Macau’s casino operators. Despite the slower start to the year, the local casino industry has started to make up for its initially unexciting results, exceeding all expectations during the summer months.
Jefferies analysts attributed Macau’s impressive summer performance to “rich entertainment events,” better promotions, new luxury properties, such as Galaxy Macau’s Capella hotel, and refurbished old properties, such as The Londoner Macao. All these factors stacked up to provide the local casino industry with a much-needed boost.
The analyst suggested that attracting even non-gambling tourists with concerts and other tempting events can benefit the casino industry, as many of them end up playing anyway.
Other Firms Are Also Bullish on Macau, But Official Forecasts Remain Prudent
August’s explosive results have largely dispelled analysts’ pessimism about Macau’s casino industry. In that month alone, the local casino operators achieved revenue of MOP 22.16 billion ($2.76 billion). Jefferies believes that things will only get better.
The investment banking firm isn’t the only one counting on the growth of the local gambling sector. Other firms, like CLSA and JP Morgan, have likewise raised their expectations.
At the same time, official forecasts remain more cautious. In June 2025, the Macanese government reduced its projections to MOP 228 billion ($28.4 billion) due to the slower start to the year.