In July, Macau's casinos saw a 19% year-over-year increase in gross gaming revenue (GGR), reaching MOP22.12 billion (US$2.74 billion).

The six gambling operators in the Chinese Special Administrative Region (SAR), one of only two SARS along with Hong Kong, have won the most money from players since the COVID-19 outbreak in late 2019, according to Macau's gambling Inspection and Coordination Bureau.  The June total surpassed the previous record of MOP21 billion for the region following the COVID-19 pandemic.

Following a sluggish start to 2025, with casino wins falling 6% in January, Macau has reported six months in a succession of year-over-year growth in GGR.  Macau casinos have made about $17.44 billion so far this year, which is a 6.5% increase over 2024.

Numbers of Visitors to Macau Near 2019 

The resilience of Macau, the only area governed by China where slot machines and table games are permitted, is being demonstrated in 2025. Significant changes occurred in the city during and soon following the coronavirus crisis and Xi Jinping's "zero-COVID" policy, which caused China and its two SARs to recover economically years later than much of the rest of the world.

The VIP travel groups known as "junkets," which had plotted with the six major casino companies to lure the richest gamblers from the mainland to the enclave, are no longer in operation. Since then, Macau has concentrated on the general public and premium-mass customers, the latter of whom are those who don't fit the definition of a VIP but are nevertheless able and willing to wager hundreds of dollars on a single hand of baccarat.

The six businesses have spent billions on resort improvements and nongaming attractions and services.  The gamble seems to be paying off, as Macau is drawing a larger range of people.

According to the Macau Statistics and Census Service, almost 19.2 million individuals have passed through the city's border gates in just six months.  That accounts for 95% of Macau's first-half 2019 visitor volume, a 15% increase from 2024.  The half-year goal for 2025 represents 114% of the total number of visitors from January to June 2018.

Gaming still has a ways to go, but Macau visitor arrivals are nearly back to their pre-pandemic levels.  Eighty-one percent of the $21.53 billion earned by the six casinos in 2019 through July is represented by the $17.44 billion figure after seven months. 

Revenue Rally

Gaming is on the rise, and Macau tourism is nearly returning to 2019 levels.  At $2.74 billion, July's GGR was the highest monthly total since January 2020.

Over the last five months of 2025, more growth is anticipated.

"We remain bullish on Macau as a sector, particularly behind the reacceleration in GGR,” a note from CBRE Equity Research analysts John DeCree and Max Marsh read.

“The entire market trend seems promising for the summer,” added JP Morgan Securities analysts DS Kim and Selina Li.

This week, Macau's publicly traded casino companies saw stock recoveries, according to a study by Casino.org.  Shares of MGM Resorts, Wynn Resorts, Melco Resorts, and Las Vegas Sands have all increased by 17%, 7%, and 54%, respectively, over the last six months.