Analysts expect Macau GGR to rise by as much as 17 per cent in December

Analysts expect Macau’s gaming industry to maintain strong momentum.

Macau.- JP Morgan has forecast that Macau gaming revenue will rise between 8 and 10 per cent year-on-year in November before accelerating to 15 to 17 per cent growth in December. The bank forecasts overall GGR growth of 12 to 13 per cent for both Q4 2025 and Q1 2026.

Seaport Research Partners holds a similarly optimistic view, estimating 11.5 per cent growth for November and 14 per cent for the fourth quarter overall. Senior analyst Vitaly Umansky described Macau as a “secular growth story” driven by Chinese wealth, sustained liquidity and easing visa policies, which continue to support demand, especially among premium mass and VIP players.

While high-end segments remain the primary driver, there are signs of stabilisation across broader market tiers. Umansky noted that the mid-tier mass segment has been improving, with base mass recovery approaching 80 to 85 per cent of pre-pandemic levels, supported by day-tripper traffic from Hong Kong and Guangdong.

“The recovery in overnight visitation and base mass will be key to sustaining long-term growth,” Umansky said, pointing to increased marketing efforts and reinvestment in player engagement.

Seaport projects Macau’s GGR to grow by 9.2 per cent in 2025, followed by annual gains of around 7 per cent in 2026 and 2027. 

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See also: Macau casino revenue to rise by over 13% in October, Seaport predicts

Analysts expect Macau’s gaming industry to maintain strong momentum. Macau.- JP Morgan has forecast that Macau gaming revenue will rise between 8 and 10 per cent year-on-year in November before…