Macau's casino industry has posted its strongest monthly result since the pandemic, with October gross gaming revenue rising 15.9% year-on-year to MOP 24.09bn (US$3.01bn), according to the Gaming Inspection and Coordination Bureau (DICJ).
The figure surpassed market expectations and set a new monthly high for 2025, topping the previous record of MOP 22.16bn recorded in August.
Analysts from Citigroup and JPMorgan said the surge followed a rebound in casino visitation after China's Golden Week holiday, which began sluggishly due to Typhoon Matmo and competing events such as the 2025 Singapore Grand Prix.
Despite these disruptions, visitor numbers reached over 1.14 million during the eight-day holiday, averaging 143,000 arrivals per day.
Operators have expanded retail, dining and cultural attractions, contributing to a broader leisure-focused model that has helped offset volatility in high-roller activity.
October's performance also reflects a wider recovery trend across 2025. The city's cumulative GGR for the first ten months reached MOP 205.43bn, representing an 8% increase, though still 16.7% below the same period in 2019, when revenue totaled MOP 246.74bn.
Major operators, including Sands China, Galaxy Entertainment, Wynn Macau, and MGM China, continue to focus on non-gaming investments as part of their concession obligations, with projects ranging from family attractions to international dining and concert experiences.
Market observers expect the fourth quarter to sustain the positive trend, driven by holiday travel and increased discretionary spending during the festive season. Analysts predict December could bring another revenue peak if visitation levels remain steady.
Macau's September figures showed a 6% rise to MOP 18.29bn, making October's jump a sharp acceleration. Industry analysts say the strong October result highlights the territory's resilience and continued progress toward pre-pandemic recovery, even as global tourism headwinds persist.
Macau's recovery remains underpinned by the growth of mass-market gaming and non-gaming entertainment
