However, junket (or VIP) volume will likely stay near current low levels unless regulations change. Due to this, total GGR will likely be 80 per cent to 85 per cent of 2019 levels<\/strong>.<\/p>\n\n\n Analysts Flora Chang<\/strong> and Melissa Long<\/strong> attributed the total GGR growth forecast in 2025 to “strong momentum in the mass market segment.” Mass market GGR will grow in 2025 due to a return to pre-pandemic levels in the number of visitors to Macau, aided by solid demand from premium mass customers, return of base mass and expanded hotel capacity.<\/p>\n\n\n\n However, analysts warned economic headwinds <\/strong>and potentially higher operating expenses aimed at attracting more premium mass players “could impair Macau cash flow and leverage improvement”.<\/p>\n\n\n\n They further said a weaker Chinese economy may soften gaming revenues, adding: “Base mass players are more sensitive to changing economic conditions, particularly weak employment or earning prospects.”<\/p>\n\n\n\n The institution said it\u00a0expects Sands China <\/strong>and Melco Resorts & Entertainment <\/strong>to post faster growth in terms of earnings before interest, taxation, depreciation and amortisation (EBITDA) \u201cdue to the ramp-up of new or renovated properties\u201d. <\/p>\n\n\n\n According to analysts, MGM China Holdings<\/strong> has already surpassed its pre-pandemic EBITDA while other casino operators will recover to about 90 per cent of their 2019 EBITDA levels by 2025.<\/p>\n\n\n\n They added Sands and Melco are likely to see gains in mass market in 2025. Analysts said: “The ramp-up of Studio City Phase 2 should help Melco to capture mass volume in Macau. Also, Sands should benefit from the reopening of The Londoner and the return of base mass with its largest hotel portfolio in Macau.”<\/p>\n\n\n\n As for MGM, S&P Global said the company has been “the biggest mass market share gainer over the past five years”, thanks to solid performance at MGM Cotai and more mass tables under its new concession. While it is expected the company will retain a higher mass market share, several factors may lead to a potential decrease from its current high levels. These include limitations in hotel room capacity, increased competition from newly established properties, and the recovery of other operators in the market.<\/p>\n\n\n\n The institution then referred to Wynn Macau <\/strong>and said it “could lose some share in 2025 with the absence of new capacity”.<\/p>\n\n\n![\"\"](\"https:\/\/focusgn.com\/asia-pacific\/wp-content\/uploads\/sites\/5\/2025\/01\/imagen_2025-01-21_065217230-900x255.png\")
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