Macau’s gross gaming revenue (GGR) for the first 24 days of August reached MOP17.65 billion ($2.2 billion), averaging MOP735 million ($91.9 million) per day, according to the latest analysis from investment bank JP Morgan.
The daily run-rate last week surged 9 percent week-on-week to MOP793 million ($99.1 million), compared with MOP710 million ($88.8 million) in the first 17 days of August and MOP714 million ($89.3 million) in July. This marks the highest non-Golden Week GGR since the pandemic began.
The strong performance was supported by robust summer holiday visitation. JP Morgan projects August GGR will grow 11–14 percent, reaching MOP21.9–22.5 billion ($2.74–2.81 billion), likely setting another post-pandemic record. Both VIP and mass-market gaming segments recorded solid growth, expanding 10–15 percent year-on-year month-to-date, representing approximately 30 percent and 125 percent of pre-COVID-19 levels, respectively.
Citigroup, in its latest investment memo, attributed the stronger-than-expected GGR partly to non-gaming activities, highlighting the Tencent Music Awards held at Galaxy Arena over the weekend. The event, featuring K-pop groups such as (G)I-DLE and TWICE alongside Chinese artists Zhou Shen and Jane Zhang, helped boost visitation and gaming revenue.
Industry data show VIP volumes were flat month-on-month, while mass GGR grew 4–6 percent. The VIP hold rate also improved compared with the week of August 11th, coming in between 3.3 and 3.6 percent.
In a separate note, UBS analysts observed that the sequential acceleration of GGR month-to-date reflects strong demand momentum, despite a slowdown in the event pipeline.
Investment banks remain optimistic about Macau’s growth trajectory. JP Morgan forecasts sustained double-digit GGR expansion through at least the first quarter of 2026, noting that continued growth alongside investment banks’ upgrades should attract long-only investors and support valuation expansion.
Citigroup has also raised its August 2025 GGR forecast from MOP21.75 billion to MOP22.5 billion ($2.81 billion), equivalent to 93 percent of August 2019 levels and 14 percent year-on-year growth. This implies daily GGR will average a conservative MOP693 million ($86.6 million) for the remainder of the month.
