Macau’s November Revenue Expected to Hit Over $2.5B

Macau’s casino industry is expected to generate approximately MOP 20.5 billion (around $2.55 billion) in gross gaming revenue (GGR) for November, despite a more difficult start to the month, which saw a 4% weekly drop.

Experts Estimate Macau’s November Revenue

The drop in revenue was a lot milder than expected, however, and experts attribute it to a normal seasonal flow of tourism. Despite that, overall visitor arrivals in the third quarter remained robust, increasing 14% year-on-year, while arrivals from mainland China grew by 17%.

However, same-day visitors now make up 58% of total arrivals, up from 54% a year ago, impacting per-capita spending. Non-gaming spending by mainland tourists declined only 5% year-on-year in Q3, compared with a 15% drop in Q2, while expenditures on accommodation and retail have started to stabilise.

Citigroup reported that industry checks indicated total gross gaming revenue (GGR) of approximately MOP 6.4 billion ($800 million) during the first nine days of November, representing a daily average of about MOP 711 million ($89 million). Analysts noted that last weekend’s Waterbomb Macau outdoor music festival may have helped slightly offset the decline in gaming revenue.

VIP gaming revenue was estimated to have fallen by 4–6% month-on-month, while mass-market revenue declined by 7–9%, although VIP win rates remained slightly above normal levels. Citigroup maintained its conservative forecast of MOP 20.5 billion ($2.55 billion) for November, implying an average daily run rate of around MOP 671 million ($83 million) for the rest of the month.

Profits Grew Compared to Last Year and Show Continuous Growth

Macau recorded $2.3 billion in revenue for November 2024, marking a 14.9% year-over-year increase that surpassed analysts’ expectations of 13% growth. This means that this year’s November statistics show a further and continual increase in profits.

This growth can be attributed to the diversification of offerings in the special administrative region that have cropped up in the couple of years post-COVID-19. Last year, the Gaming Inspection and Coordination Bureau’s report underscored not only the annual growth but also the challenges the industry encountered in November. Although revenue fell 11.3% from October, the strong year-over-year increase reflects the ongoing resilience of Macau’s gaming sector. From January to November of 2024, the city’s casinos collectively generated nearly $26 billion in revenue, up 26.8% from the same period in 2023. 

This trend seemingly continues in 2025 as well, as diversification has been credited with increased visitor spending. For 2025, Macau generated just over MOP77.47 billion ($9.68 billion) in gaming-related fiscal revenue during the first 10 months of the year, representing an increase of nearly 6.1% compared to the same period last year.