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Macau’s gaming industry is set to experience a ‘very modest growth’ in 2025, prompting gaming operators to reshape their strategies to adapt to evolving market dynamics, according to a report by CLSA.
The investment bank forecasts the sector’s gross gaming revenue (GGR) to grow by 4 percent year-on-year, reaching $29.3 billion in 2025. It emphasizes that expanding market share will be pivotal in navigating this subdued growth environment.
These modest growth projections are coupled with strong visitor arrival forecasts for 2025, with CLSA predicting that Macau could see 36.4 million visitors next year.
In this landscape, CLSA notes that, in addition to market share competition, China’s ongoing measures to stabilize the property market—including local government debt swaps—will be crucial for Macau’s GGR growth in 2025. Whether this growth will re-accelerate depends on consumer-centric fiscal stimulus, with CLSA analyst Fan Yang expecting more support in 2025. Historically, China’s fiscal easing packages in 4Q08 and 2Q15 led to significant GGR growth in Macau.
After China’s RMB4 trillion package in 2008, Macau’s GGR per day grew by 32 percent, from MOP277 million ($34.6 million) to MOP450 million ($56.3 million) by January 2010, continuing a 33 percent year-on-year rise through January 2011.
In 2015, following further easing measures, GGR per day resumed growth, rising 26 percent year-on-year to MOP666 million ($83.3 million) in June 2017 and increasing another 13 percent year-on-year to MOP750 million ($93.8 million) in June 2018.
Macau’s GGR per visitor correlates with China’s Consumer Confidence Index, which stood at a 34-year low of 85.7 in September 2024. This trend aligns with Macau’s plateauing GGR in 2024, however the brokerage expects consumer confidence to recover when property prices stabilize in the second half of 2025.
2024 GGR still resilient
Regarding the current year, analysts Jeffrey Kiang and Leo Pan report that Macau’s gaming revenue has remained resilient, with GGR per visitor staying flat year-on-year at MOP6,544 ($818), despite challenges such as a high base in 1Q23 and the criminalization of illicit money exchange. The highest GGR since 2023 was recorded in October, totaling MOP20.8 billion ($2.6 billion). However, GGR remains 23 percent below 2019 levels, indicating a bottleneck to further growth.
In the investment memo, daily GGR in 2024 ranged from MOP575 million ($71.9 million) to MOP671 million ($83.9 million), recovering to 70-81 percent of pre-COVID levels. This gap is partly attributed to the decline of junkets, but fiscal support from China is expected to help close it. The recovery has been visitation-driven, with GGR per capita stabilizing between MOP5,409 ($676) and MOP7,499 ($937), still below pre-pandemic averages.
Despite limited growth in 2025, CLSA projects an acceleration in GGR growth in 2026, driven by improving consumer sentiment and economic stabilization.
In terms of financial performance, CLSA has slightly revised its GGR forecasts for 2024, 2025, and 2026, adjusting projections up and down by 1 percent. It has also lowered its EBITDA forecasts for 2025 and 2026 by 2-4 percent due to rising operating cost assumptions, despite higher non-gaming revenue. Sector EBITDA margins are expected to remain steady at 27-28 percent during this period.
Dividend payouts and investor returns
Given the projected modest growth, analysts at CLSA believe that gaming operators will need to increase their dividend payout ratio to reflect current market conditions. ‘A higher dividend payout ratio is justified in 2025, as our forecast dividend payout (from free cash flow) is 36 percent in 25CL (compared to 91 percent from 2016 to 2019),’ the report states.
This marks a significant adjustment from the high payout levels observed in the years leading up to the pandemic, reflecting the changing dynamics of the sector.
Additionally, CLSA notes that despite limited GGR growth, companies like Galaxy, MGM China, Wynn Macau, Melco, and Paradise Entertainment (a satellite casino manager for SJM) have increased dividends or repurchased shares (Melco in particular) in 2024.
This trend signals a more shareholder-friendly approach, as operators prepare for moderate GGR growth ahead. Such actions are expected to positively impact the return on equity ratios of these companies. Year-to-date in 2024, the six Macau gaming concessionaires are on track to return $992 million to shareholders through dividends and buybacks, including the final dividends for 2023, declared in 1Q24.
Satellite casinos
Another significant development in 2025 will be the evolving role of satellite casinos. According to the latest update, the Macau government has not yet begun discussions with satellite casino operators regarding future developments. Based on the current situation, Macau’s satellite casino operators may need to transition to purely management companies, as they will no longer be allowed to share gaming revenue from 2026.
CLSA notes that while the locations and number of satellite casinos will be under scrutiny, ‘only the remuneration mechanism will change (for casino managers) after December 31st, 2025.’ This change is expected to reshape how casino managers are compensated, impacting the operational structure of these satellite properties, but without altering their overall role in the sector.
It remains unclear how the ‘management fee’ for casino managers will be determined after 2025. However, as a viable solution for both concessionaires and managers, CLSA believes the fee will be based on satellite casinos’ performance in 2025, with certain step-up terms possibly linked to inflation.
Held at the Ilocos Norte Centennial Arena from November 29 to 30, over 3,000 residents of Ilocos Norte benefited from vital health services and assistance provided by the Philippine Amusement and Gaming Corporation (PAGCOR) through its Bawat Buhay Mahalaga Serbisyo Caravan.
The two-day event offered free medical consultations and services, medicines as well as food packs and other essential services, and community assistance.
PAGCOR also handed over Php50 million worth of donations to Provincial Governor Matthew Marcos Manotoc. It included bicycles for barangay bike patrols, GoBags equipped with first aid kits, wheelchairs, walking canes, cot beds, reading glasses and assorted medicines.
Additionally, 45 livelihood starter packages were raffled off during the event, and the agency pledged to deliver medical equipment—including 2D echo machines, portable ventilators, and glucose/cholesterol/uric acid monitoring devices—by early next year.
PAGCOR also announced plans to provide educational grants under its Ayudang Hatid ay Tagumpay Program, with the number of scholars to be finalized in coordination with the provincial government.
“PAGCOR brought the Bawat Buhay Mahalaga Serbisyo Caravan to Ilocos Norte as part of our mission to make essential services accessible to communities across the country,” said Ramon Stephen Villaflor, head of PAGCOR’s Corporate Social Responsibility Group.
“We launched this initiative in Bulacan last year, and now we’ve reached Ilocos Norte. Soon, we will also bring the caravan to the Visayas and Mindanao,” he added.
Governor Manotoc expressed his gratitude to PAGCOR and to President Ferdinand R. Marcos Jr. for the initiative as he cited its impact on the province.
“Allow me to extend my deepest thanks to PAGCOR, Chairman Al Tengco, and, of course, President Bongbong Marcos Jr.,” said Manotoc. “We are truly honored to host the Serbisyo Caravan.
“This is our first PAGCOR event of this scale, and we look forward to a stronger partnership and lasting friendship with the PAGCOR family.”
The Chinese Central Government has approved new measures to further ease travel rules for residents of Zhuhai and Hengqin. This marks the first time China has agreed to a type of Macau visa for travel purposes without limiting the number of visits.
This announcement was made on Friday by China’s National Immigration Administration.
Starting January 1st, 2025, mainland Chinese residents with household registration and a residence permit for Hengqin will be eligible to apply for a multiple-entry visa to travel to Macau. There is no limit on the number of trips, but each visit will be capped at seven days.
According to official data, as of the end of September, there were 38,620 residents with household registration in Hengqin, though there is no official data on the number of residents holding a residence permit for Hengqin.
On the same date, mainland Chinese residents with household registration in Zhuhai will be able to apply for a new “one-trip-per-week” visa to visit Macau, with a stay of up to seven days per visit. This change means that nearly 3 million Zhuhai residents could visit Macau once a week, whereas previously, they could only apply for a Macau individual visa scheme (IVS) visa once every two months.
Zhuhai, located in Guangdong province, serves as a major land gateway for tourists from across mainland China heading to Macau. Hengqin, a short distance from Macau’s Cotai district, is part of Zhuhai and has been developed in recent years as a special economic zone to support Macau’s economic diversification efforts.
This new policy could encourage Zhuhai residents to take more weekend trips to Macau, as border controls have been largely eased.
In the first 10 months of this year, Macau recorded nearly 2.78 million visitors from Zhuhai, with 77.4 percent of them being same-day visitors, according to the latest data from the Statistics and Census Service. The Zhuhai visitor count from January to October accounted for approximately 26 percent of the 10.9 million visitors from Guangdong province. This figure represents a full recovery compared to the same period in 2019, prior to the pandemic, according to official data.
China has been gradually easing Macau travel policies this year, which is customary as the Macau SAR celebrates its 25th anniversary on December 20th, with President Xi Jinping’s visit to the region providing the “birthday gifts.”
Since May 6th, additional visa-policy measures have been implemented for mainland Chinese residents wishing to travel to Macau. These measures include the option for multiple entries between Macau and Hengqin for mainlanders joining a “Macau-Hengqin tour group.” Meanwhile, China also added 10 Chinese cities to the current IVS scheme.
Reactions
In response to the new policy, Helena de Senna Fernandes, head of Macau’s tourism office, highlighted its positive impact on the development of the region’s tourism industry.
According to the local media outlet, the Macao Government Tourism Office (MGTO) plans to include the new policies in its December promotional efforts, both online and offline, to help travelers understand the changes and prepare for their implementation.
When asked whether exclusive offers would be made available to travelers affected by the policy, Fernandes explained that no firm decision had been made yet. However, she encouraged the industry—particularly travel agencies and hotels—to leverage the new policies by creating and promoting relevant products. Discussions with airlines about potential activities are also set to take place soon.
Regarding the impact of the new travel policy on visitor stay lengths and overnight numbers, Fernandes emphasized that both overnight and same-day visitors are welcome. Hotel occupancy in Macau has averaged 80-90 percent this year, and the tourism office plans to make better use of the off-season to attract more visitors.
During the off-season, hotel rooms and entertainment facilities tend to be less crowded, providing a more enjoyable experience for guests.
QTech Games, the leading game distributor across emerging markets, is launching a new Tech Hub in Malaga on the south coast of Spain. The initial aim is to establish two key tech units (a Connect Team to enable supplier integrations and a QT Hybrid Team supporting its new retail solution) to drive innovation and software development.
The central aim is to further diversify QTech Games and its tech capabilities from a well-positioned European base. This Malaga hub will allow QTech to scale its tech org more quickly and cement the foundation to ensure it always stays ahead of any innovative trends or requirements in technology, working from a new base whose proximate geography, standard time and language match up well with targeted regions in Africa, Europe and LatAm.
In view of its accompanying hiring programme to expand its technical team, QTech Games is also partnering with ESR Talent, a global leader in executive search and recruitment services for iGaming, in order to find the best talent in the region. The positions initially sought include but are not limited to: Team Leaders, Software Developers, Laravel Full-Stack Devs and Quality Assurance (QA) Engineers.
QTech Games’ CEO, Philip Doftvik, said: “We are delighted to be opening a new tech hub, and look forward to building our team by adding top Team Leads, highly talented developers and experienced engineers into our tech function. Malaga is a fantastic igaming location, and we can’t wait to welcome our new colleagues!
“This is a sign of how QTech Games is investing in new technology and product dev – and the personnel that power them – while securing a prime location like Malaga immediately puts our tech hub at the intersection between Africa, Europe and LatAm. The time zone overlap with Africa’s emerging-yet-fragmented market is especially appealing.”
Helena Scone, ESR Talent’s Director of Gaming & Fintech, added: “We’re thrilled to partner with QTech Games, as they gear up to launch their incredible new tech hub on the Costa del Sol. Malaga is the perfect place for tech innovation: cutting-edge infrastructure, connectivity, a tech-friendly atmosphere, and a great cost of living. With a wealth of talent pouring out of the University of Malaga and a strong network of tech companies, the opportunities are endless.”
Pronet Gaming, a leading iGaming platform provider that offers a fully customizable entertainment platform for next-generation operators in emerging markets, has announced its participation in ICE 2025 at Fira de Barcelona Gran Via (Stand 2C43), set to take place from 20 to 22 January 2025, in Barcelona, Spain.
The award-winning company has a proven track record in the iGaming technology space, offering integrated solutions across LatAm, Europe, Africa, and now—Asia. Since 1996, Pronet Gaming has combined cutting-edge technology with a dynamic team that brings extensive B2C and B2B industry experience.
This year alone, Pronet Gaming made waves at major events, including ICE 2024 in London, as well as the ASEAN Gaming Summit & SiGMA Asia, both held in Manila, Philippines. With a focus on staying at the forefront of the gaming industry, Pronet Gaming remains dedicated to connecting with clients and partners worldwide while continuing to offer solutions that meet the evolving needs of the sector.
Looking ahead, Pronet Gaming is particularly excited for ICE 2025 as it relocates to its new home in Barcelona. The move to this vibrant and culturally rich city marks a new chapter for the event, which Pronet Gaming is delighted to be part of. Its participation is just one component of an exciting 2025 agenda as the company continues its strategic growth, with a focus on expanding its footprint in Asia.
“This edition of ICE feels especially significant for us as we prepare to expand our operations into Asia, a market brimming with potential and poised for extraordinary growth and innovation. We are looking forward to experiencing this massive industry event in Barcelona for the first time, and even more so to share the next stage of Pronet Gaming’s evolution as we tap into the incredible opportunities this dynamic region offers,” said Alex Leese, CEO, Pronet Gaming.
With a renewed commitment to delivering innovative products and solutions, Pronet Gaming is poised to lead the way in the rapidly evolving global gaming market.
Curacao’s Gaming Control Board (GCB) has issued a statement addressing recent allegations surrounding the island’s gaming licensing system and operator BC.GAME.
The statement comes amid growing scrutiny, highlighted by investigative reports on the controversial bankruptcy of BC.GAME and accusations of corruption within Curacao’s regulatory framework. While the GCB’s response provides clarity on some procedural matters, it leaves several key concerns unanswered, raising doubts about its effectiveness in restoring confidence in the jurisdiction’s gaming industry.
At the heart of the controversy is the claim that the GCB lacks the authority to issue licenses under the National Ordinance on Hazard Games (NOOGH). The GCB categorically refutes this, explaining that its mandate stems from a 2020 directive by Curacao’s Minister of Finance, later amended in 2023. The agency also clarifies that licenses issued under NOOGH are not “provisional,” but full licenses subject to strict conditions.
When the new regulatory framework, known as the National Ordinance for Games of Chance (LOK), comes into force, these licenses will transition into provisional status, allowing operators a one-year grace period to comply with updated requirements. This explanation seeks to dispel accusations of legal irregularities in the licensing process.
To address allegations of lax oversight, the GCB outlines its multi-phase licensing process, which includes due diligence checks, sanction screenings, business plan reviews, and website evaluations. Applicants can track their progress via an online portal designed to ensure transparency.
On the financial side, the GCB asserts that all fees are deposited into an official government account, countering claims of embezzlement. It also emphasizes that license approvals are contingent on receipt of these payments, leaving “no scope for mismanagement.”
These reassurances seem aimed at combating allegations of corruption raised in the criminal complaint filed by Curacao politician Dr. Luigi Faneyte. However, critics may argue that a procedural outline alone does little to address deeper concerns about the integrity of the system.
The GCB acknowledges that operators must comply with the legal requirements of all jurisdictions in which they operate. However, it points out that enforcement of foreign regulations lies with the authorities in those jurisdictions, not the GCB.
This stance sidesteps a major criticism from investigative reports, which highlighted Curacao-licensed operators allegedly targeting unregulated markets. The GCB’s reliance on foreign enforcement may be seen as deflecting responsibility for monitoring its licensees’ activities abroad.
On player disputes, the GCB states that under the forthcoming LOK framework, Alternative Dispute Resolution (ADR) will become mandatory, ensuring greater independence in handling complaints. While this represents a step forward, it does not address the immediate concerns of affected players, such as those involved in the BC.GAME bankruptcy case.
The GCB’s statement briefly touches on the BC.GAME case, noting that the bankruptcy was declared due to a dispute over player payments. It describes the bankruptcy as administrative rather than insolvency-related and confirms that a trustee has been appointed to manage the situation. However, confidentiality obligations prevent the GCB from providing further details, leaving questions about the operator’s regulatory breaches and the GCB’s oversight role unanswered.
While the GCB’s statement attempts to address the accusations, it largely reiterates procedural details without delving into the systemic issues raised in investigative reports. Critics may find its responses overly technical and potentially lacking transparency, particularly regarding allegations of foreign interference, misuse of funds, and regulatory loopholes.
China’s State Council has announced the list of principal officials for Macau’s incoming government.
Adriano Marques Ho
Among the key appointments, Adriano Marques Ho, currently the director of the Gaming Inspection and Coordination Bureau (DICJ), has been named the new Commissioner of Macau Customs under Chief Executive-designate Sam Hou Fai.
A replacement for the head of Macau’s gaming regulator has not yet been announced. The appointment is expected to be made in a separate announcement in the coming weeks.
Tai Kin Ip
Tai Kin Ip, currently the director of the Economic and Technological Development Bureau, has been appointed as Secretary for Economy and Finance. Speaking at a press conference on Sunday, Tai emphasized the government’s ongoing commitment to economic development within local communities.
He highlighted a series of measures aimed at supporting small and medium-sized enterprises (SMEs), including initiatives to attract foot traffic and promote local businesses.
Over the past three years, the government has assisted more than 1,600 SMEs in their initial stages of digital transformation. Tai pledged to expand these efforts, fostering business competitiveness and strengthening integration into the Greater Bay Area.
The new principal officials will assume their roles on December 20th, coinciding with the anniversary of the Macau Special Administrative Region.
Macau’s gross gaming revenue (GGR) amounted to MOP18.4 billion ($2.31 billion) in November, reflecting an 11.3 percent decrease from October’s MOP20.8 billion ($2.60 billion).
According to data released by the Gaming Inspection and Coordination Bureau (DICJ), the November tally marked a 14.9 percent increase compared to the same period last year. However, it remains 19.4 percent lower than the MOP22.9 billion ($2.86 billion) reported in November 2019, before the pandemic.
For the first eleven months of 2024, Macau’s casino GGR reached MOP208.6 billion ($26.1 billion), representing a 26.8 percent year-on-year increase. Despite this growth, the figure is still 22.6 percent below the MOP269.6 billion ($33.31 billion) recorded during the same period in 2019.
Earlier, analysts from Bank of America had predicted that Macau’s gaming revenue for November would reach MOP18 billion ($2.25 billion). This forecast was largely attributed to seasonal factors and the impact of the Macau Grand Prix.
The Macau Grand Prix, held from November 14th to 17th this year, is historically known to disrupt GGR figures.
Meanwhile, Macau’s tourism authorities project 34 million visitors in 2024. This optimistic outlook follows the Chinese government’s decision to expand the Individual Visit Scheme (IVS) to include 10 additional cities. By the end of October, Macau had already welcomed over 29 million tourists
Yggdrasil, a leading iGaming publisher, has significantly expanded its presence in the crypto space after taking its content portfolio live with CoinCasino.
The studio’s portfolio of proprietary slots and third-party titles from the successful YGG Masters initiative is now live with the operator, including titles such as 4 Fantastic Vikings Go Fishing.
CoinCasino is a premier cryptocurrency operator, offering over 2,500 titles for an unmatched gaming experience.
The deal sees Yggdrasil’s proven content available to players looking to access thrilling casino games through the power of cryptocurrency and blockchain technology.
The partnership with crypto platform CoinCasino highlights the appeal of Yggdrasil’s large portfolio with a broad demographic of players across the globe.
Jose Simon, Commercial Director at Yggdrasil, said: “CoinCasino is one of the biggest names in the crypto gambling space. Launching our content on its site ensures we reach a new audience of players who prefer enjoying our games using cryptocurrencies.”
Sacha Pepermans, Game Operations Manager at CoinCasino, said: “The entire CoinCasino team is excited to see Yggdrasil and its partner studios added to our ever-growing portfolio. This marks another significant step toward providing a comprehensive gaming experience for our players, allowing them to enjoy a diverse range of their favourite games while we continue to prioritise quality and entertainment.”
