Macau GGR rises year-over-year in April
Gross gaming revenue amounted to MOP18.86bn (US$2.36bn).
Macau.- The Gaming Inspection and Coordination Bureau (DICJ) has reported that Macau’s April gross gaming revenue (GGR) was MOP18.86bn (US$2.36bn). That’s an increase of 1.7 per cent in year-on-year terms but a dip of 4.1 per cent sequentially. GGR was 77.33 per cent of April 2019’s level.
According to analysts, the figure was boosted by the Easter holiday period from April 18 to 21, when Macau received 520,065 visitors. Cumulatively, Macau’s GGR for the first four months of 2025 was MOP76.51bn (US$9.54bn), up 0.8 per cent year-on-year. The figure was 23.3 per cent lower than the same period of 2019 (MOP99.74bn) (US$12.44bn).
Seaport Research Partners has revised downwards its GGR forecast for Macau’s casino sector for this year from 6.5 per cent to 3 per cent. The move follows a “weaker than expected start to the year.” For 2026 and 2027, analysts maintained their forecasts at 7 per cent, with GGR expected to reach 92 per cent of 2019 levels by 2027.
In a note released on April 24, Fitch Ratings said there were no signs that China was targeting US casino companies but that the fear of retaliation was there due to the ongoing trade tensions between the US and China.
“Trade tensions between the US and China have raised concerns that US gaming operators could be subject to retaliation, while the weaker economic outlook in China is likely to pressure gaming revenues and earnings in Macau,” it noted.
It added: “Termination or non-renewal of these operators’ Macau gaming licences in 2032 would be a worst-case scenario, which Fitch views as highly unlikely. A scenario where US operators are compelled to sell their Macau operations could become more plausible if US-China relations deteriorate further in the medium term, but that is not envisaged in the forecast horizon.”
There are three US-based Macau casino operators: Las Vegas Sands (LVS), Wynn, and MGM Resorts International. Macau accounted for 63 per cent, 52 per cent and 23 per cent of their consolidated 2024 revenues, respectively.
