VIP baccarat accounted for 30.7 percent of Macau’s casino gross gaming revenue (GGR) in the fourth quarter of 2025, supported by a strong year-on-year rebound in high-end play, according to data released by the city’s gaming regulator.
Figures from the Gaming Inspection and Coordination Bureau (DICJ) showed that VIP baccarat generated MOP20.31 billion ($2.53 billion) in the three months to December 31st, representing a 45.2 percent increase from MOP13.99 billion in the same period of 2024.
On a quarterly basis, VIP baccarat revenue rose 20.3 percent, lifting its share of total casino GGR from 27 percent in the third quarter to 30.7 percent in 4Q25.
Total casino GGR for 4Q25 reached MOP66.06 billion ($8.25 billion), with the VIP segment providing a key boost to overall performance toward year-end.
Mass-market gaming, including slot machines, generated MOP45.75 billion ($5.71 billion) during the quarter, accounting for the majority of casino gaming revenue. This represented a 5.3 percent increase from MOP43.44 billion in the fourth quarter of 2024, while remaining broadly flat on a sequential basis.
Mass-market baccarat continued to dominate the segment, producing MOP36.25 billion ($4.52 billion) in 4Q25. The figure accounted for 54.9 percent of total casino GGR for the period and marked a 4.8 percent year-on-year increase, although revenue declined 0.7 percent compared with the third quarter.
Slot machine revenue rose to MOP3.63 billion ($453 million) in the fourth quarter, up 7.8 percent year-on-year and 5.5 percent quarter-on-quarter, representing 5.5 percent of total casino gaming revenue. Revenue from live multi-game (LMB) tables reached MOP1.25 billion ($156 million), increasing 10.7 percent from the same quarter in 2024 and 0.9 percent sequentially.
Outside the casino segment, sports lottery revenue showed mixed trends in 4Q25. Football betting generated MOP93 million ($11.6 million), down from MOP103 million ($12.83 million) in the same period of 2024, reflecting a year-on-year decline of 9.7 percent. Basketball betting, by contrast, recorded MOP73 million ($9.1 million), up from MOP64 million ($7.97 million) a year earlier, representing a 14.1 percent year-on-year increase.
For the full year, Macau’s total gaming revenue, including casino GGR of MOP247.40 billion ($30.88 billion) and lottery receipts, reached MOP248.03 billion ($30.97 billion), with fourth-quarter data highlighting a stronger contribution from VIP baccarat alongside steady mass-market performance and divergent trends within the sports lottery segment.
