Macau casinos posted gross gaming revenue of MOP$18.3 billion (US$2.28 billion) in September, according to data published on Wednesday by the city’s Gaming Inspection and Coordination Bureau.
GGR was up 6% over September 2024, missing the analyst consensus of 9%. The figure was down 17.5% from August, when casinos generated a post-pandemic high of MOP22.15 billion.
September is typically a slower month in Macau following the peak July-August vacation season – so much so that the local government kicked off a 13-week city-wide stimulus campaign to offset the expected slump. The campaign, from 1 September to 30 November, drives consumer spending by offering residents a chance to win e-vouchers when they make purchases at participating businesses.
Another inhibiting factor: Typhoon Ragasa, the super-storm that closed casinos for more than 30 hours on 24-25 September. So far this year, September ranks as the second-lowest month for GGR in 2025 behind January. Vitaly Umansky of Seaport Research Partners noted the impact of the typhoon, which “likely impacted growth by ~6%-7% (12%-13% growth would have been likely)”.
But hopes are high for the Golden Week holiday, which began with National Day on Wednesday.
Macau revs up for Golden Week visitation
The Macau Government Tourism Office projects that 1.2 million people will visit the city for the eight-day celebration. Citigroup analysts George Choi and Timothy Chau estimate Macau casinos could generate daily GGR of MOP1.05 billion during the holiday.
That momentum could continue beyond Golden Week on the strength of entertainment and other special events like the NBA China Games, being held 10-12 October at the Venetian Macao. The presentation games will pit the Brooklyn Nets against the Phoenix Suns, with a special appearance by hoops great Shaquille O’Neal.
“Growth should be driven by increased marketing and, importantly, continued ease of money outflows along with robust visa issuance,” Umansky wrote. “Continued entertainment events will further help support demand.”
Indicators suggest growth into 2026-27
A US-China trade deal, which reportedly could be struck by November, could have a trickle-down effect on Macau, wrote Umansky. It would “further boost consumer confidence and willingness to spend and travel to Macau. And any improvement in China consumer confidence would help drive overnight base mass recovery.”
Seaport expects a 13% GGR increase in October and full-year growth of 8.4%, with 12.4% growth in the fourth quarter compared to 8.3% in the first half. It further forecasts 7% annual growth in 2026-2027, “helped by hotel occupancy, a stronger base mass recovery, continued money flow ease and burgeoning consumer confidence”.
Although Macau saw a year-on-year increase in gross gaming revenue last month, GGR was down 17.5% from August.