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Macau VIP baccarat market posted a robust gross gaming revenue (GGR) expansion in the third quarter of 2025 with 29.1 percent year-on-year expansion to MOP$16.9 billion (US$2.11 billion), the latest figures released by Macau’s Gaming Inspection and Coordination Bureau (DICJ) indicate. The quarter also witnessed 3.4 percent quarter-on-quarter expansion in VIP baccarat takings.
VIP Baccarat Overtakes Mass Baccarat Growth
As the leading growth driver, VIP baccarat growth surpassed mass baccarat, which recorded a 7.1 percent year-on-year growth and a 2.6 percent quarter-to-quarter growth, to record MOP$36.5 billion (US$4.56 billion). Growth propelled VIP baccarat to contribute a percentage of Macau’s total gaming revenue from 23.5 percent during the third quarter of 2024 to 26.9 percent in 3Q25.
On the other hand, the mass baccarat market share also decreased somewhat from 61.1 percent to 58.2 percent for the same time frame.
Overall Market Performance and Historical Context
The total Q3 2025 GGR of the gaming industry was MOP$62.7 billion (US$7.83 billion), 12.5 percent higher than last year and 2.4 percent higher than Q2 2025. Even with such massive VIP baccarat growth, there is a lot more progress the industry needs to make before it achieves its historic high level of activity during the third quarter of 2013, when the industry contributed MOP$57.8 billion (US$7.22 billion) to the market’s GGR, or 64.6 percent of the market’s top line.
Impact of Junket Industry Collapse
The fall in VIP baccarat revenues in the last ten years is commonly attributed to the sharp decline in Macau’s junket sector, which historically was the prime conduit for high-roller bettors. Industry stalwarts such as Suncity Group and Tak Chun Group shut shop in late 2021 and early 2022, respectively, leading to a dip in junket numbers to only 29 licensed players today, from a peak of 235 in 2013.
The junket licensing has been capped at 50, which in turn also limits the pace of this industry’s revival.
Indications of Market Reversal
The rising tide of VIP baccarat gaming revenue in 3Q25 indicates a rebound to some extent, with the segment regaining some market share from mass baccarat. This may reflect increased popularity from high-stakes players coming back to Macau’s gaming tables amidst a changing regulatory landscape and industry reconfiguration.
Prospects for Macau’s Gaming Market in the Future
While the VIP baccarat segment is still well below record high levels, recent growth there is a positive trend for the industry. Macau’s gaming industry continues to struggle with issues regarding market transition, regulatory evolution, and adjustment of player behavior.
The quarter’s sustained increase in total gaming revenue, paced by both mass and VIP markets, indicates a continued reaffirmation of Macau’s position as a world-class gaming destination.
Source: Inside Asian Gaming (IAG)
