JP Morgan raises Macau GGR forecast for H2
GGR could be up 13 per cent in the second half of 2025.
Macau.- Analysts at JP Morgan Securities (Asia Pacific) have predicted that Macau’s gross gaming revenue (GGR) could grow 13 per cent year-on-year in the second half of 2025. That would represents an increase from the 4 per cent growth recorded in H1 2025. It’s the third time in three months that the firm had upgraded its forecast for Macau’s gaming industry.
According to analysts DS Kim and Selina Li said: “We have seen similar green-shoots emerging recently across HK retail, Swiss watch exports, and mainland luxury malls,” the two analysts wrote, suggesting that affluent consumers appeared to have started spending again. The Chinese yuan’s currency advantage was also cited as a contributing factor along with high-profile concerts and events.
The report highlights that mass and slot play remains the primary growth driver, accounting for over 80 per cent of sequential GGR gains Q2. The bank forecasts 12 per cent EBITDA growth in the third quarter and 16 per cent in the fourth quarter.
Last month, Seaport Research Partners forecast that Macau’s gross gaming revenue (GGR) could rise by 9 per cent year-on-year in the second half. Macau GGR grew by 4.4 per cent year-on-year to MOP118.8bn (US$14.7bn) in the first half of 2025.
