Macau November GGR Rises 14% Despite Seasonal Slowdown
Macau generated MOP21.09 billion (US$2.64 billion) in gross gaming revenue for November, marking a 14.4 percent rise compared with the same month last year. Demand carried over from October’s exceptionally strong Golden Week, while operators’ non-gaming initiatives continued attracting visitors during what is typically a slower travel month.
Seasonal Slowdown Limits Sequential Growth
November is historically the weakest month of Macau’s fourth quarter, and 2025 followed the same pattern. Revenue dropped 12.4 percent versus October, a month that delivered the city’s best post-pandemic performance reflecting expected seasonal cooling in travel activity.
A unique challenge also emerged mid-month. Thousands of athletes and delegates visiting for China’s National Games, held from November 9–21, occupied hotel capacity that would normally serve gaming tourists. Citigroup analysts noted that the influx shortened average stays, reduced available rooms for premium mass visitors, and slightly softened mid-month gaming volumes. Activity stabilized once the event concluded.
Closing in on the Government’s Full-Year Revenue Goal
For the first eleven months of 2025, Macau’s accumulated GGR reached MOP226.52 billion (US$28.32 billion), up 8.6 percent year-on-year. With the government’s annual target set at MOP228 billion (US$28.5 billion), the city is effectively within reach of surpassing it before December concludes.
The near-complete fulfillment of the target highlights improving fundamentals after months of regulatory adjustments and sector-wide shifts. October’s surge, followed by a resilient November, underscores continued market traction heading into year-end.
Contextualizing Recovery Against Pre-Pandemic Benchmarks
Despite encouraging year-on-year comparisons, Macau’s current performance remains below pre-pandemic benchmarks. The eleven-month GGR total is still 16 percent lower than the equivalent period in 2019, when the city recorded MOP269.62 billion (US$33.70 billion) before COVID-19 reshaped travel patterns and spending habits.
This gap illustrates that while Macau’s recovery is significant, the path back to full pre-pandemic normalization particularly in visitor volume and spending intensity remains ongoing.
Non-Gaming Investments Sustain Visitor Demand
Casino operators’ continued investment in non-gaming amenities spanning entertainment, dining, shows, retail and leisure has supported visitation during slower months. These offerings reinforce Macau’s positioning as a comprehensive tourism destination rather than a gaming-only hub, providing additional reasons for travelers to visit even during off-peak periods.
December Outlook and Positioning for 2026
With only December left in the calendar year, the gaming sector appears well-placed to exceed its full-year revenue goal. Seasonal holiday travel, end-of-year promotions and active marketing from concessionaires are expected to lift visitation and gaming activity.
A strong December would not only seal the recovery-driven momentum of 2025 but also help shape a confident launchpad for Macau’s operational and strategic plans heading into 2026.
