Macau’s Casino Revenue Nears Pre-COVID Levels Amid Premium-Mass Boom

Macau’s casino sector continues its strong rebound from the pandemic, recording its fifth straight month of year-over-year growth in June 2025, further signaling a return to the city’s former status as the world’s gambling capital.

According to data released by the Gaming Inspection and Coordination Bureau, the region’s six licensed casino operators collectively generated MOP21.06 billion (US$2.6 billion) in gross gaming revenue (GGR) for the month. That figure marks a 19% increase from May 2024—a month-over-month gain of approximately $417 million.

For the first half of the year, Macau’s total casino win stands at nearly $14.7 billion, up 4.4% year-on-year. This growth is especially notable given the sluggish start to 2025. January saw GGR decline nearly 6%, following a similar dip in December 2024, raising early concerns among industry watchers that the market might be slowing again.

However, the February through June performance has defied expectations, especially considering that the once-dominant VIP junket market has all but disappeared. Junket operators, long credited with filling Macau’s high-limit rooms with high-rolling clientele from mainland China, have largely withdrawn following legal threats and criminal investigations alleging their involvement in facilitating cross-border gambling and capital flight from China via the tax haven.

With VIP volume down sharply and the government requiring billions in investment into nongaming amenities as part of license renewals, Macau’s casinos have shifted strategy. The new focus is on the leisure travel segment and the “premium-mass” gambler—an approach that appears to be paying off.

Casinos have diversified their offerings with a host of nongaming attractions. Galaxy Macau drew tens of thousands of visitors in June with a residency from Hong Kong pop legend Jacky Cheung, considered one of the most influential music artists in Greater China. The star-powered shows brought a different kind of crowd to the region—one less focused on the baccarat tables and more drawn to entertainment.

The pivot toward mass-market and leisure travel is being matched by increased tourist traffic. Visitor arrivals to Macau were up 11.1% in the first quarter, with second-quarter figures expected to reflect even stronger momentum.

JPMorgan analysts say that so-called premium-mass gamblers—those who aren’t technically high rollers but still wager between $385 and $1,300 per hand on baccarat—are driving the surge. According to their latest floor checks, this segment has become a critical source of revenue in the post-junket era.

With June’s revenue exceeding expectations, investor confidence surged. Shares of US-based casino giants operating in Macau spiked in Tuesday morning trading on Wall Street. Las Vegas Sands and Wynn Resorts both jumped 7%, while MGM Resorts gained around 5%.

Sands, which holds the largest market share in Macau through its Sands China subsidiary, is particularly dependent on the region for revenue. That dependence deepened during the pandemic when the company divested from Las Vegas, selling The Venetian Resort shortly after founder Sheldon Adelson passed away in January 2021. Sands had already sold its Pennsylvania property in 2018, reinforcing its pivot toward Asia.

Wynn Resorts also maintains a strong reliance on its Macau operations, and MGM’s exposure, while slightly less, remains significant.

Meanwhile, Melco Resorts—a Macau concession holder headquartered in Hong Kong and listed on the Nasdaq—saw its stock soar by 10% in response to the positive June GGR report.

With momentum continuing to build and new strategies showing promise, Macau’s casino industry appears to be charting a new course—one that could push revenue even closer to pre-pandemic highs in the months to come.

By fLEXI tEAM