Macau’s gross gaming revenue reached MOP 22.13 billion in July 2025, its highest monthly total since January 2020. The figure indicates a 19% increase year-on-year and a 5% rise from June’s MOP 21.06 billion. This places the market at 61.8% of the government’s full-year target of MOP 228 billion.

Despite July traditionally being part of Macau’s low season, this month’s performance exceeded the previous post-pandemic record in May 2025. It is also the third consecutive month that the GGR has surpassed MOP 20 billion, a milestone last achieved before the onset of the COVID-19 pandemic.

Sustained Growth Amid Fluctuating Tourism

The steady rise in revenue comes despite a slight dip in tourist numbers. Daily average visitation in July fell below 109,585 tourists, raising concerns about revenue growth being driven by increased player spending over rising foot traffic. 

MGM China cited strong trends in July during its latest earnings call, after recently posting record second quarter earnings. The operator noted that July’s performance was well above internal expectations, reinforcing the view that premium play is driving recovery.

Premium Segment and Live Entertainment Fuel Momentum

Analysts attribute the surge in GGR to the continued strength of the premium gaming segment. The launch of new luxury suites and premium tables has attracted high-value players, while major entertainment offerings further boosted revenue. Notably, Jacky Cheung’s residency at the Galaxy Arena has been a significant draw for the high-spending demographic.

These developments have compensated for the reduced number of tourists. The performance in July builds on a string of positive monthly results earlier in the year, including MOP 21.19 billion in May and MOP 18.86 billion in April. Each month in 2025 has recorded year-on-year growth except January, which brought a 5.6% decline. 

Outlook Positive for Second Half of 2025

Analysts remain optimistic about the second half of 2025. Citigroup forecasts a 6% increase in GGR for H2, citing structural improvements and improving macroeconomic sentiment across the region. However, there are growing calls for strategies to stimulate higher tourist traffic ahead of the crucial fourth quarter, with revenue growth overtaking visitor volume. 

October’s Golden Week holiday will be a key indicator of whether Macau can sustain its current trajectory. Although GGR remains 12.2% below the same period in 2019, the recent performance indicates Macau’s gaming industry is on a strong path to recovery.