Brokerages Predict Macau's November Gaming Revenue at MOP 20.5bn : PMPMedia.io

By Arijit Roul - 13 Nov, 2025 More about the author

Daily average revenue in Macau falls 4% during early November. Performance stays stronger than expectations. Investment banks estimate Macau’s casino sector will generate gross gaming revenue (GGR) near MOP 20.5bn (US$2.55bn) in November. Macao Daily reported these projections.

Gaming industry revenue dropped 4% weekly during the first nine days. Analysts found the decrease smaller than seasonal predictions suggested. HSBC Research calculated the average daily GGR at MOP 711m for this period. Numbers fell 4% week-on-week and 8% versus October figures. Post-holiday seasonality caused the revenue decline, according to reports. Third quarter visitor arrivals jumped 14% year-on-year overall. Mainland Chinese visitors increased 17% during the same timeframe.

Mainland Tourists Cut Non-Gaming Expenditure Despite Stabilising Retail

Same-day travellers represent 58% of total visitors currently. Last year showed 54% in this category. Per-capita spending changed due to this shift. Mainland tourists reduced non-gaming expenditure by 5% year-on-year in Q3. Q2 witnessed a 15% decline in comparison. Accommodation and retail spending started stabilising recently. Citigroup confirmed industry checks revealed total GGR around MOP 6.4bn. The first nine days of November produced a MOP 711m daily average. The Waterbomb Macau outdoor music festival last weekend possibly reduced the decline in gaming revenue.

VIP gaming revenue decreased 4–6% month-on-month based on reports. Mass-market revenue dropped 7–9% during the same period. VIP win rates exceeded normal levels slightly. Citigroup keeps its conservative forecast at MOP 20.5bn for November. Daily run rate should average MOP 671m for the remaining month days.