Analysts expect GGR to reach MOP238.35bn (US$29.78bn).<\/p>\n\n\n\n\n\n\n\n
Macau.- Analysts at Morgan Stanley<\/strong> have lowered estimates for Macau’s gross gaming revenue (GGR) growth in 2025 to 4.8 per cent in year-on-year terms. They expect GGR to reach MOP238.35bn (US$29.78bn), 4 per cent lower than an earlier estimate.<\/p>\n\n\n\n The investment bank revised its forecast for the combined earnings of Macau’s casino operators. EBITDA is now expected to reach US$7.99bn in 2025, lower than before due to an anticipated increase in reinvestment costs but still a 5.7 per cent improvement in year-on-year terms.<\/p>\n\n\n\n Analysts Praveen Choudhary<\/strong>, Gareth Leung<\/strong>, and Stephen Grambling<\/strong> said their new estimates were more conservative than average market expectations because they foresee weaker profit margins. They maintained their expectation that mass revenue will reach 118 per cent of 2019 levels.<\/p>\n\n\n\n They predicted that Sands China, Galaxy Entertainment Group, and SJM Holdings will gain in mass-market revenue share and that MGM China Holdings, Wynn Macau, and Melco Resorts & Entertainment might see a drop.<\/p>\n\n\n\n Macau’s government has forecast MOP240bn (US$29.7bn) in gross gaming revenue for 2025. The\u00a0Office of the Chief Executive<\/strong>\u00a0stated that it expects the recovery momentum of the integrated tourism and leisure businesses for the next fiscal year to continue, with a continuous rise in inbound tourist volume.<\/p>\n\n\n\n Macau\u2019s GGR for November was MOP18.4bn (US$2.31bn). That’s a decrease of 11.3 per cent\u00a0compared to the previous month<\/a>\u00a0but a rise of 14.9\u00a0per cent in year-on-year terms. Compared to the same month in 2019, the figure was down by 19.4 per cent. Cumulatively, Macau’s GGR for the first eleven months of 2024 was MOP208.6bn (US$26.1bn), up 26.8 per cent year-on-year but down 22.6 per cent below the same period in 2019.<\/p>\n\n\n\n