Macau's gaming industry recorded gross gaming revenue of MOP 21.09bn (US$2.62bn) for November, according to the Gaming Inspection and Coordination Bureau.
The figure represents a 14.4% increase compared with November 2024 but a 12.4% decline from October's peak, reflecting the normal drop that follows Golden Week.
Although the month lacked major public holidays, tourism held steady with strong mid-month event activity. The city hosted the NBA China Games and a large-scale Jackson Wang concert, both of which helped maintain a healthy flow of visitors at a time that traditionally sees softer leisure demand. These events contributed to moderating the seasonal decline in mass gaming revenue.
Analysts noted that the post-holiday adjustment was expected, as October typically delivers one of the highest monthly tallies of the year. November's daily GGR averaged around MOP 703m, a level regarded as resilient given higher same-day visitor ratios that tend to limit spending per capita.
Industry checks suggested a mixed performance across segments. VIP revenue softened marginally but remained supported by steady win rates. Mass-market revenue saw a more noticeable pullback, consistent with weaker holiday-driven demand and a rise in short-stay arrivals.
For the first eleven months of 2025, Macau recorded cumulative GGR of MOP 226.52bn, up 8.6% year-on-year. The result highlights continued recovery in the mass segment and stable tourism flows, even as spending patterns have shifted compared with pre-pandemic norms.
Analysts expect December to stabilise further as holiday travel increases, although the growing proportion of day visitors continues to present challenges for overall yield.
November had no major mainland holidays, unlike October which benefitted from Golden Week
