Golden Week is a week-long celebration observed in both Japan and China that creates massive spikes in international and domestic tourism figures. For many, these are the only times of the year they can reliably enjoy time off with their friends and family.

This year, Golden Week took place from 29 April to 6 May in Japan, while Labor Day Golden Week celebrations ran from 1 May to 5 May in nearby China. China has three Golden Weeks, technically, with the first being in January and the other beginning in October.

As one of the main gambling destinations in the area, resorts in Macau anticipate higher visitor numbers than usual. But are these visitors making it to the casinos, or has the demographic for May’s Golden Week shifted over time?

Macau tourism figures 

This May, visitor arrivals increased 3.4% year-on-year to 3.5 million. Same-day visitors rose 7.9% to 2.1 million, while overnight visitors dropped 3.0% to 1.3 million. Visitors from the Chinese mainland increased 4.2% to 2.5 million with those travelling under the Individual Visit Scheme rising 5.2% to 1.4 million.

Elsewhere, visitors from Taiwan rose 18.9% to 93,701, while those from Hong Kong dropped 0.4% to 618,341. Visitors from Thailand went up 36.1% to 20,447; but visitors from the Philippines decreased 11.5% to 50,462, South Korea decreased by 14.6% to 35,663, and those from Japan decreased 8.1% to 12,409. 

As for the overall figures, 2025 saw figures increase 25.3% year-on-year, in 2024 the figure was up 21.6% and in 2023 the figure skyrocketed by 268.5%. So while the increases are slowing down, it will be difficult to separate the post-Covid tourism boom and eventual plateau from declining interest.

Interestingly, gambling is banned in Taiwan and Thailand; while land-based casinos in both the Philippines and South Korea are currently in a state of revival as operators are investing heavily in their properties to stay competitive. Of course, this is only correlation and not causation, but felt apt to discuss all the same. Interestingly, the visitor figure of 3.5 million is nothing out of the ordinary for general tourism visitors. March and April had 3.4 million each, while February had 4.2 million.

How does this translate to gross gaming revenue?

Although the visitor figures did not seem to fluctuate all that much, historically, gross gaming revenue (GGR) figures do. In 2025, May’s GGR was MOP 21.2bn, the highest month that year so far. October would later prove to be the month with the highest GGR, coming in at MOP24.1bn. 

Similar figures were seen in 2024. Only May and October recorded more than MOP20bn, coming in at MOP20.2bn and MOP20.8bn respectively, with the other months hitting between MOP17.2bn and MOP19.8bn. But, this year, the trends seemed to have changed. May did hit MOP22.6bn, but so did March and January. 

While the month of May was in the top three months, usually alongside October and January in 2010, 2011, 2012, 2014, 2015, 2019, 2021, 2022 and 2024, its lead did noticeably weaken over time. May has slipped from podium position to being the sixth highest in 2023, and the third-highest so far in 2026 – with only six months reported so far.

Has May lost its sparkle?

As previously explained, May was the Golden opportunity for travel from Japan and mainland China. But, in the last few years, several more integrated casino resorts have opened up around Asia. Inspire Entertainment Resort opened in South Korea in 2023; and City of Dreams Sri Lanka opened in 2025. 

Meanwhile, several online platforms are being developed in the Philippines; Kangwon Land in South Korea has started a KRW200bn (US$136m) renovation project; and Resorts World Sentosa in Singapore (RWS) is undergoing a SGD6.8bn (US$5.3bn) renovation. 

None of these were pitched individually as ‘Macau destroyers,’ as the destination itself is too strong, but they may have lent themselves to how holidays are spent during the month of May. As for future developments, Japan is set to open MGM Osaka in 2030; while Kazakhstan looks to open two casinos in 2027; Wynn Al Marjan Island in the UAE is set to open in 2027; and Georgia has begun construction on its inaugural integrated casino resort.

Does Macau still rely on VIP players?

Zhonglu Zeng, President of the Asia-Pacific Association for Gambling Studies (APAGS), recently affirmed that VIP and high-end gaming has now officially become the “primary force” behind Macau’s ongoing recovery. Macau does have a structural advantage in catering to affluent players, but these are people who can afford to holiday no matter the time of year. 

Although it is difficult to judge wealth through transport means, Macau does offer a table of those who arrived by helicopter. This May saw a 7.3% decrease in helicopter arrivals, with a 30.2% dip from Hong Kong arrivals, an 85.7% decrease from the Philippines, 57.1% less from India, 60% less from Switzerland, 75% fewer from France and 100% less from Canada.

As for people who rely on public holidays, such as those who are less affluent or more family-orientated, they may no longer be able to justify multiple trips to Macau for gambling each year. China is currently facing several economic challenges, and as youth employment wavers under 20%, many people are now focused on saving money rather than spending it.

What about October? 

As previously mentioned, China has three separate Golden Weeks, with May only being one of them. It is still too early to tell, but if May continues to weaken on the GGR-front, then October and January may have to bear the responsibility for driving revenue in its place. 

This may result in more targeted campaigns for VIP and high-roller play during the month of October, while pushing for more family or casual campaigns in May and perhaps more culturally significant events for the Chinese New Year celebrations in January.

Ultimately, the dip in May’s lead does not seem to be too catastrophic for Macau. The figures are still increasing year-on-year and it is not like May is performing poorly by any means. But as one Golden Week loses its shine, it will be interesting to see if it becomes reinvigorated, or whether it will have to settle as being comparatively duller versus its other two compatriots.