Macau’s November Revenue Expected to Hit Over $2.5B

Macau’s casino industry is expected to generate approximately MOP 20.5 billion (around $2.55 billion) in gross gaming revenue (GGR) for November, despite a more difficult start to the month, which saw a 4% weekly drop.

MOP 20.5 billion (around $2.55 billion)

4% weekly drop.

Experts Estimate Macau’s November Revenue

The drop in revenue was a lot milder than expected, however, and experts attribute it to a normal seasonal flow of tourism. Despite that, overall visitor arrivals in the third quarter remained robust, increasing 14% year-on-year, while arrivals from mainland China grew by 17%.

increasing 14% year-on-year

grew by 17%.

However, same-day visitors now make up 58% of total arrivals, up from 54% a year ago, impacting per-capita spending. Non-gaming spending by mainland tourists declined only 5% year-on-year in Q3, compared with a 15% drop in Q2, while expenditures on accommodation and retail have started to stabilise.

up 58%

up from 54% a year ago

5% year-on-year

Citigroup reported that industry checks indicated total gross gaming revenue (GGR) of approximately MOP 6.4 billion ($800 million) during the first nine days of November, representing a daily average of about MOP 711 million ($89 million). Analysts noted that last weekend’s Waterbomb Macau outdoor music festival may have helped slightly offset the decline in gaming revenue.

MOP 6.4 billion ($800 million)

MOP 711 million ($89 million).

Waterbomb Macau

VIP gaming revenue was estimated to have fallen by 4–6% month-on-month, while mass-market revenue declined by 7–9%, although VIP win rates remained slightly above normal levels. Citigroup maintained its conservative forecast of MOP 20.5 billion ($2.55 billion) for November, implying an average daily run rate of around MOP 671 million ($83 million) for the rest of the month.

fallen by 4–6% month-on-month

declined by 7–9%,

MOP 20.5 billion ($2.55 billion)

MOP 671 million ($83 million)

Profits Grew Compared to Last Year and Show Continuous Growth

Macau recorded $2.3 billion in revenue for November 2024, marking a 14.9% year-over-year increase that surpassed analysts’ expectations of 13% growth. This means that this year’s November statistics show a further and continual increase in profits.

$2.3 billion

November 2024

14.9% year-over-year increase

13% growth

This growth can be attributed to the diversification of offerings in the special administrative region that have cropped up in the couple of years post-COVID-19. Last year, the Gaming Inspection and Coordination Bureau’s report underscored not only the annual growth but also the challenges the industry encountered in November. Although revenue fell 11.3% from October, the strong year-over-year increase reflects the ongoing resilience of Macau’s gaming sector. From January to November of 2024, the city’s casinos collectively generated nearly $26 billion in revenue, up 26.8% from the same period in 2023. 

fell 11.3% from October

$26 billion

up 26.8%

This trend seemingly continues in 2025 as well, as diversification has been credited with increased visitor spending. For 2025, Macau generated just over MOP77.47 billion ($9.68 billion) in gaming-related fiscal revenue during the first 10 months of the year, representing an increase of nearly 6.1% compared to the same period last year.

MOP77.47 billion ($9.68 billion)

increase of nearly 6.1%