Macau sees best monthly GGR since Covid-19
Gross gaming revenue in May reached MOP21.19bn.
Macau.- The Gaming Inspection and Coordination Bureau (DICJ) has reported that Macau’s gross gaming revenue (GGR) in May was MOP21.19bn (US$2.62bn). That’s an increase of 1.7 per cent when compared to May 2024 and 12.4 month-on-month. It was the city’s best monthly performance post-Covid-19.
The rise in revenue was mainly attributed to China’s five-day Labour Day holiday period, which brought 850,034 visitors to Macau, an increase of 40.6 per cent in year-on-year terms. During the holiday period, GGR was MOP5.1bn (US$633m), averaging MOP1.02bn (US$127m) per day, more than 90 per cent of pre-pandemic levels.
Cumulatively, Macau’s GGR for the first five months of 2025 was MOP97.7bn (US$12.1bn), up 1.7 per cent year-on-year. The figure was 77 per cent of the same period of 2019 (MOP125.6bn) (US$5.5bn).
Citigroup’s May 2025 GGR forecast remains unchanged at MOP21bn, up 4 per cent year-on-year. This would represent approximately 81 per cent of the March 2019 levels. Jefferies expects GGR for 2025 to reach MOP240bn (US$30bn), down 2 per cent from their previous estimate of MOP245bn. That would be a rise of 5.8 per cent year-on-year, which is in line with government estimates.
Moody’s keeps Macau long-term credit rating at Aa3
Moody’s has maintained Macau’s long-term issuer rating at Aa3. The rating agency said that the decision was based on the city’s strong fiscal and external positions and the absence of outstanding government debt, providing significant capacity to withstand shocks.
The agency maintained the outlook of the Macau government as negative. “There are risks that Macau’s currently very large fiscal and external buffers may erode over time, should Macau’s growth prospects weaken, although from a very high base,” it said, noting that weaker economic activity in the gaming sector would lower government revenue and services exports, undermining fiscal and current account surpluses in the absence of mitigants.
