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The gross gaming revenue in Macau reached MOP21.09 billion (approximately US$2.64 billion) during November, up a solid 14.4 percent year-on-year. Performance for the month showed continued demand from October’s extremely strong Golden Week period, and the non-gaming efforts of the casino operators helped bring visitors to the city in what is normally a quieter travel period.
Recovery Momentum Tempered by Seasonal Factors
November traditionally is the quietest month in Macau’s fourth quarter calendar, and this year proved no exception. On a sequential basis, gaming revenue fell 12.4 percent from October, which delivered the strongest monthly results since the COVID-19 pandemic. This is in line with expected seasonality as travel and visitation are lower during the non-holiday portion of the month.
However, an unforeseen disruption materialized mid-November in the form of athletes in town to take part in China’s National Games, held from November 9 through 21. According to investment bank Citigroup, the mass influx of sports attendees booked several of the hotel rooms that may otherwise have accommodated gaming customers, an unusual constraint on visitation to casinos. The consequence of this arrangement was a compression in the average length of stay and the amount of gaming play time, leading to a modest softness in mid-month activity, after which conditions normalized.
Annual Target Almost Reached, with December Still to Come
The accumulated gross gaming revenue in the first eleven months of 2025 attained MOP226.52 billion (US$28.32 billion), an increase of 8.6 percent compared to the same period of 2024. Significantly, Macau is at the threshold of reaching its full-year government target of MOP228 billion (US$28.5 billion) with just December remaining on the calendar.
This trajectory underlines the momentum of recovery in the city, especially after earlier disruptions to industries and regulatory changes weighed on operations throughout the year. Strong results in October combined with continued growth into November, not to mention near-achievement of official targets, look to suggest some underlying market resilience going into the tail-end of the year.
The Post-Pandemic Landscape and the Historical Backdrop
However, despite positive year-on-year comparisons and the target attainment, there is a need to put the current gaming performance of Macau in a longer historical perspective; this is due to the fact that the cumulative eleven-month total still stands 16 percent off the same 2019 period when gross gaming revenue reached MOP269.62 billion (US$33.70 billion) prior to the pandemic changing both travel patterns and gaming habits.
This is indicative of the fact that the journey to complete normalization and the return of visitor numbers, together with expenditure to levels experienced pre-pandemic, has been one continuous challenge for the Macau gaming market. Recovery has been meaningful; however, it still has to go wholly back to its historical revenue levels.
Non-Gaming Strategies Drive Visitor Appeal
The investment in non-gaming attractions and hospitality experiences by casino operators has contributed to supporting visitor arrivals during the seasonal downturn. These range from entertainment to dining, retail, and leisure activities and form an added enhancement of the Macau positioning as a holistic destination, rather than a pure gaming venue. This kind of diversification seems effective in keeping the momentum of visitation going during the traditionally slower traveling periods.
Macau’s December Performance and Year-End Positioning
Considering that December is the last chance this year, Macau’s gaming sector is well-positioned to easily beat its annual revenue target. All these factors of holiday travel patterns, year-end tourism, and continued operator marketing efforts should concertedly help support a strong closing-month performance and set a positive tone for the 2026 planning and operational expectations.
Source: Asia Gaming Brief (AGB)
