Macau gaming revenue is poised for another strong month as 2025 momentum continues

[The night view of Macau city in China]

Macau's casino gaming industry has seen a solid recovery in 2025, with gross gaming revenue hitting the highest levels since before the COVID-19 pandemic. A strong slate of entertainment events has helped to boost tourism from the mainland, particularly in the mass market segment.

For the first eight months of 2025, gross gaming revenue is up 7.2% to 163.1 billion patacas ($20.3 billion)

Jefferies expects the strong Macau trends to extend into September. Analyst Anne Ling said the firm's channel checks indicate Macau gross gaming revenue for the first seven days of the month was up 10% from the same period a year ago. Looking ahead, Jefferies circled October Golden Week as a potential catalyst for the sector.

Ling and her team now expect Macau FY25 GGR to reach $31.8 billion, which was highlighted as being at the high end of market estimates and higher than the government estimates. "We expect rich entertainment events, new properties, more incentives to players, and appreciating asset values in A share/HS/crypto to drive GGR growth," updated Ling.

Jefferies top Macau casino sector picks remain Galaxy Entertainment (OTCPK:GXYEF [https://seekingalpha.com/symbol/GXYEF]) (OTCPK:GXYYY [https://seekingalpha.com/symbol/GXYYY]) and Sands China (OTCPK:SCHYY [https://seekingalpha.com/symbol/SCHYY]) (OTCPK:SCHYF [https://seekingalpha.com/symbol/SCHYF]) from the Hong Kong side and Wynn Resorts (NASDAQ:WYNN [https://seekingalpha.com/symbol/WYNN]) and Las Vegas Sands (NYSE:LVS [https://seekingalpha.com/symbol/LVS]) from the U.S. side.

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