Seaport raises Macau GGR forecast for second half of 2025
Analysts now expect Macau GGR to grow by 9 per cent in the July-December period.
Macau.- Seaport Research Partners has forecast that Macau’s gross gaming revenue (GGR) could rise by 9 per cent year-on-year in the second half of 2025. Analyst Vitaly Umansky said the rise in the forecast was because growth had reaccelerated in the last few months. Macau GGR grew by 4.4 per cent year-on-year to MOP118.8bn (US$14.7bn) in the first half of 2025.
“In Macau, we now forecast GGR growth of 7 per cent” for full-year 2025, stated Umansky in his Monday update. Macau’s 2025 GGR performance could be followed by 7 per cent growth for the next several years, which should lead to EBITDA CAGR of 9 per cent,” he added.
Umansky concluded that longer-term, market share shifts would benefit Sands and Galaxy, while smaller operators would see a loss in share.
Last month, the Macau government lowered its gross gaming revenue (GGR) forecast for this year by 5 per cent, from MOP240bn (US$29.8bn) to MOP228bn (US$28.3bn). The 2025 fiscal budget amendment bill estimates gaming tax revenue of MOP79.8bn (US$9.87bn), also 5 per cent lower than previously expected.
