The Morgan Stanley Chinese New Year (CNY) 2025 hotel survey indicates that the average daily rate (ADR) for most hotels in Macau is expected to be 15-40 percent lower than in CNY 2024 and 10-30 percent below the October Golden Week in 2024.
The survey, which compiled ADR and occupancy data from 28 hotels in Macau, focused on the upcoming CNY period from January 28th to February 4th (public holiday days only). The data was collected 14 days before the holiday period. According to the findings, the standard room ADR for Macau’s hotels during CNY 2025 stands at HK$3,911 ($503).
Among the hotels with the largest price reductions are The Venetian Macau (down 60 percent), Grand Lisboa Palace (down 54 percent), Sands Macao, and Versace Macau (both down 38 percent).
Conversely, some hotels have seen price increases. The Andaz Hotel at Galaxy Macau, the W Hotel at Melco’s Studio City, and The Parisian Macao have reported price hikes ranging from 6 to 15 percent.
The overall drop in room rates may reflect a number of factors, including ongoing market challenges and softer demand compared to previous peak periods. However, projections suggest that visitation numbers could be stronger this year compared to 2024.
In their latest investment memo, analysts Praveen K. Choudhary and Gareth Leung note that, despite the lower ADR, occupancy rates remain relatively stable. The average occupancy rate for the surveyed hotels is 71 percent, which is largely flat compared to CNY 2024 but up by 15 percentage points compared to the October Golden Week in 2024.
Visitor number to grow
A notable increase in visitation has been observed from Zhuhai residents. Following the introduction of the “One Trip Per Week” visa on January 1st, visitation from this group has risen by 26 percent year-on-year in the first half of January. Zhuhai accounted for approximately 10-12 percent of total Chinese visitation in both 2023 and 2019.
It is also worth noting that, on January 18th, Macau set a new single-day record with 803,000 border crossings, a 6.6 percent increase from the previous peak in August. This figure includes 169,000 tourists, 77.6 percent of whom were mainland Chinese residents.
Additionally, the Macao Government Tourism Office (MGTO) has raised its visitor number projections for 2025 to between 38 million and 39 million, indicating that Macau’s visitation could approach pre-COVID levels.

January GGR
Morgan Stanley notes that Macau’s gross gaming revenue (GGR) in January is expected to grow by 1 percent year-on-year, reaching MOP628 million ($78.2 million) per day, while February GGR is anticipated to increase by 7 percent year-on-year to MOP709 million ($88.3 million). Combined, the GGR for January and February is forecast to average MOP667 million ($83.1 million) per day, or 78 percent of the levels seen in 2019.