The latest data from the Macau Gaming Inspection and Coordination Bureau shows that the gross gaming revenue (GGR) for the entire industry in November reached 21.09 billion Macau patacas (approximately 2.63 billion US dollars). Although it has fallen from the peak of the year in October, it still achieved a robust year-on-year growth of 14.4%. This indicates that the Macau gaming industry is on the track of continuous recovery, while inevitably being affected by the regular seasonal fluctuations.
Monthly Data Highlights: Steady Year-on-Year Growth, Decline from Previous Month
Compared to November last year, the 14.4% year-on-year growth rate highlights the market's resilience in recovery. However, if compared with October this year, which recorded a high of 24.09 billion Macau patacas (the highest monthly record since January 2020), the revenue in November decreased by about 12.4%. This is actually a normal seasonal pattern—November is usually the quietest month in the fourth quarter, sandwiched between the "Golden Week" in October and the Christmas and New Year holidays at the end of December, naturally leading to a brief plateau in visitor flow and consumption.
Seasonal Factors and Market Resilience
In addition to regular seasonal patterns, some temporary events also affected mid-month performance. From November 9 to 21, Macau hosted some events of the National Sports Games, with a large number of hotel rooms used to accommodate athletes, which somewhat reduced the rooms available for tourists and shortened the average stay of some gaming guests. A previous report by Citibank also pointed out that despite this impact, the mass market segment still showed "strong" resilience in November. Analysts generally believe that since May, the demand from both high-end mass and basic customer groups has been stable, providing solid support for the market.
Annual Target Within Reach, Future Expectations Cautiously Optimistic
By the end of November, Macau's cumulative gaming revenue for the year had reached 226.52 billion Macau patacas, a year-on-year increase of 8.6%. This figure is very close to the annual target of 228 billion Macau patacas set by the SAR government for 2025, almost within reach. However, compared to the same period before the pandemic in 2019, the current revenue is still 16% lower, and full recovery will take more time. Looking ahead, the Macau government's fiscal budget for 2026 expects the annual gaming revenue to reach 236 billion Macau patacas next year, an increase of about 3.5% from the revised forecast for 2025, showing confidence in the industry's gradual growth. For professionals looking to deeply understand the global gaming market cycles and regional performance, platforms like PASA's official website provide valuable in-depth data analysis reports.
Overall, although the November data was adjusted due to seasonal patterns, the overall trajectory of the Macau gaming industry in 2025 is steadily upward. With the stable participation of the mass market and the continuous attraction of non-gaming elements, the industry holds a cautiously optimistic attitude towards 2026.
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