Macau’s Gaming Inspection and Coordination Bureau (DICJ) has reported a minimal rise in total gaming revenue for March 2025. For the month, total gross gaming revenue (GGR) totaled MOP19.66 billion (US$2.45 billion), marking a modest 0.8 percent increase compared to March 2024.
This month’s gaming revenue marks a slight decrease of 0.4 percent from February’s figure. March’s figure took the aggregate gaming revenue so far this year to nearly MOP57.66 billion, up 0.6 percent on the same period in 2024. Last month, total gaming gross revenue (GGR) was up 6.8 percent year-on-year to reach MOP19.74 billion ($2.46 billion). February’s result comes after operators reported strong post-Chinese New Year demand which helped soften the blow that the city’s casinos faced during the “softer than originally forecast” Lunar New Year Golden Week.
In line with analysts’ projections
March’s gaming revenue is well in line with analysts’ projections, with several estimating it to range between MOP19 billion and MOP20.5 billion. J.P. Morgan’s analysts had predicted a “flattish” performance as compared to last year, with a GGR range of MOP19 billion to MOP19.5 billion. Analysts expect that the first quarter will show no significant growth, with a slight dip to around MOP56.7 billion, a near accurate prediction.
In addition, Macau’s March GGR was estimated at MOP$621 million per day, according to brokerage JP Morgan Securities (Asia Pacific) Ltd. This figure is relatively stable compared to the MOP$631 million (US$78.8 million) daily average for the first 16 days of March.
Last week, Macau’s total gross gaming revenue (GGR) for the first 23 days of March amounted to MOP14.6 billion ($1.82 billion), according to estimates from Citigroup. According to an investment memo, this represents a daily run rate of MOP643 million for the week between 17-23 March. This daily run rate marked a 3 percent increase from MOP621 million registered the previous week.
When comparing the current daily GGR run rate of MOP635 million to the same period in March 2024, the numbers are largely flat. In March 2024, the daily GGR registered was MOP629 million. Citigroup analysts have kept their March 2025 GGR forecast unchanged at MOP19.5 billion. This forecast is a significant figure, accounting for approximately 75 percent of the levels recorded in March 2019, which was a peak year for Macau’s gaming industry.
