Macau's economy remained stable at the end of 2025, but signs of slowing growth momentum were evident. Although gaming revenue continued to grow year-on-year, there was a slight decline from November to December, indicating a narrowing growth rate. The tourism sector continued to exert strength, with the annual visitor count reaching 40.06 million, setting a new historical high, far exceeding the level of the same period in 2019. The labor market was resilient, with the unemployment rate stable at 1.7%, reflecting strong market demand for labor. However, small and medium-sized enterprises faced dual pressures from external uncertainties and changes in consumption patterns, leading to weak growth in residents' income. Relevant Macau economic and gaming industry compliance data can be referenced on the PASA official website, and the overall economy showed a pattern of "stable with adjustments".
Core Indicators: Gaming Growth Slows, Tourism Shines
In 2025, Macau's gaming revenue continued to grow year-on-year, but the growth rate had clearly slowed. The daily average gaming revenue in November reached 703 million Macau patacas, but dropped to 674 million Macau patacas in December, showing weakening growth momentum. Tourism, as a core driving force, continued to perform well, with hotel occupancy rates and average room prices remaining in the "relatively hot" to "overheated" range, providing stable support for the economy. The economic prosperity index was 6.3 points in November and slightly dropped to 6.2 points in December, remaining in a robust range without significant fluctuations.
Economic Concerns: SMEs Under Pressure, Conservative Consumption and Investment
Although Macau's economy was overall robust, internal structural pressures could not be ignored. Small and medium-sized enterprises faced multiple challenges:
Increased uncertainty in the external environment and continuous changes in consumption patterns led to sharply increased operational pressures;
Weak growth in residents' income, leading businesses and households to be more conservative in their consumption and investment decisions;
Flat performance in real estate and financial sectors, low resident savings-to-loan ratios, and a continuous weak residential price index.
Additionally, mainland consumers' confidence index remained in a "depressed" range for a long time, and investors' sentiments were cautious, also indirectly impacting Macau's economic recovery.
2026 Outlook: Steady Progress in the First Quarter, Policies Continue to Support
Looking ahead to 2026, the fundamentals of Macau's economy "steady with progress" will not change. The integrated tourism and leisure industry will receive solid support in the first quarter, with holidays such as the Spring Festival expected to further boost visitor volume, hotel occupancy rates, and gaming revenue. On the policy level, measures such as tourism promotion expansion, diversification of leisure products, and broadening of visitor groups will continue to exert force, injecting momentum into economic growth. The economic prosperity index is expected to fluctuate between 6.1 and 6.3 points, maintaining stable operation. However, the industry still needs to cope with complex changes in the community operating environment, and the operational pressures on small and medium-sized enterprises may not be fully alleviated in the short term.
————
This article is from "PASA-Global iGaming Leader" gaming industry news channel:https://t.me/pasa_news
Original in-depth gaming channel:https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
