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The Macau October GGR reached US$1.9 billion (MOP 14.85 billion) in the first 19 days of the month, according to JP Morgan.
Analysts said gaming revenue rose sharply in the third week, showing a surprising turnaround after a slower start to October. This rebound follows steady fiscal growth, as Macau gaming tax revenue hits US$8.8 billion in first nine months of 2025.
Macau October GGR rebounds after soft Golden Week
The mid-month recovery surprised analysts who expected a weaker post-holiday performance.
JP Morgan reported that Macau’s daily casino revenue averaged MOP 781 million last week. That figure was up 25 per cent from MOP 593 million in the second week of October. The earlier period included the second half of the Golden Week holiday, when results lagged expectations.
The first half of October coincided with China’s National Day and the Mid-Autumn Festival. Visitor numbers fell during that time because of Typhoon Matmo and overlapping events such as the Singapore F1 Grand Prix. Analysts described these factors as temporary setbacks rather than signs of long-term decline.
Analysts lift outlook for Macau’s October performance
JP Morgan now expects stronger growth in the coming weeks.
The firm raised its October forecast to between 3 and 6 per cent year-on-year growth. Analysts said the rebound could push results even higher if momentum continues through the final stretch of the month.
JP Morgan also expects Macau’s fourth-quarter GGR to grow around 10 per cent year-on-year, followed by further expansion in early 2026.
Macau October GGR trend supports positive 2025 outlook
The recovery strengthens confidence in Macau’s gaming industry going into next year.
Analysts DS Kim, Selina Li and Lindsey Qian said the rebound could boost sector earnings by 10 per cent in Q4 2025 and 13 per cent in Q1 2026. The steady performance shows that Macau’s casinos remain resilient despite external pressures.
With visitor demand improving and high-end tourism returning, could this rebound signal the start of Macau’s next phase of growth?
Source: GGR Asia
