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VIP Baccarat was the biggest contributor to Macau casino gaming revenue at 30.7 percent in the fourth quarter of 2025, as a result of the year-over-year growth in the premium gaming business, according to the report by Macau Gaming Inspection and Coordination Bureau (DICJ).
According to the DICJ figures, the market altogether generated MOP 20.31 billion or US$2.53 billion in gaming revenue in the quarter ending December 31. This is a 45.2 percent growth compared to the Q4 contribution of MOP 13.99 billion for 2024.
VIP Rebound and Steady Mass Market Lift Macau’s 4Q GGR
VIP baccarat revenue grew 20.3 percent from third-quarter levels. This increased its share of total casino GGR from 27.0 percent to 30.7 percent in 4Q25. Total casino GGR for 4Q25 stood at MOP66.06 billion (US$8.25 billion), and this received an additional boost from VIP gaming at the end of the year.
Mass gaming, including slots, contributed MOP 45.75 billion (US$5.71 billion) of gaming revenue for the quarter, which represented a majority of overall gaming revenues. This was a 5.3 percent rise from MOP 43.44 billion a year earlier, though a stable performance from the last quarter.
Baccarat Leads Mass Play, Slots Edge Higher
In the mass market segment, mass market baccarat remained the leading game, generating MOP36.25 billion (US$4.52 billion) in 4Q25. The figure accounted for 54.9 percent of total casino GGR and registered a 4.8 percent year-over-year growth, although it fell 0.7 percent from the previous quarter. That slot machine number hit MOP3.63 billion, which is about US$453 million, growing by nearly 8 percent compared to last year, slightly more than 5 percent since three months back, making up just over one twentieth of all casino earnings. Those live multi-game table figures came in at MOP$1.25 billion, roughly US$156 million, up over ten percent from early 2024, a slight increase from the prior quarter.
Sports Lottery Shows Mixed Results
Outside casino gaming, Macau’s sports lottery revenue tracked in different directions in 4Q25. Falling short compared to twelve months earlier, football bets totaled MOP$93 million, about US$11.6 million, down nearly 10 percent from MOP$103 million. On another note, basketball saw growth, pulling in MOP$73 million, which equals roughly US$9.1 million, rising more than 14 percent since the prior year’s final three months when it stood at MOP$64 million.
Full-Year Tally Anchors the Quarter
For the entire year, the total gaming revenue, including casino GGR of MOP247.40 billion (US$30.88 billion) and lottery sales, amounted to MOP248.03 billion (US$30.97 billion). The fourth quarter showed improvement in VIP baccarat business and stable mass market business, but the sports lottery business had different performances for football and basketball games.
Source: Asia Gaming Brief (AGB)
