Macau Casino Comeback Continues, as Gaming Revenue Climbs 19 Percent in June

Macau's casino revenue steadily approaches pre-pandemic figures, with June being the fifth straight month of year-over-year growth for the region.

The Gaming Inspection and Coordination Bureau of the city indicates that the six casino operators earned MOP21.06 billion (US$2.6 billion) from gamers in June 2025. This indicated a 19% increase from May 2024, amounting to a variation of $417 million.

In the first half of the year, casino revenue in Macau increased by 4.4% to almost $14.7 billion. The surge followed a weak beginning in January, when gross gaming revenue (GGR) declined nearly 6%, indicating two straight months of GGR deceleration when combined with December 2024.

The surge from February to June has caught many off guard, including gaming analysts concentrating on the Chinese gaming market following the closure of VIP junket groups in recent years. Junkets played a significant role in filling the high-roller rooms of Macau casinos, but after facing threats of criminal charges for allegedly enabling cross-border gambling and the outflow of money from the mainland via the tax haven, the travel organizers departed.

 

Macau Concepts

Due to a decrease in VIPs gambling in Macau, the six resort companies have had to invest billions into their establishments, with a significant portion directed towards nongaming initiatives, leading the casinos to shift their attention to leisure travelers and the so-called "premium-mass" players. It seems to be effective.

Macau’s casinos are expanding by adding a variety of new attractions and entertainment options beyond gaming. Galaxy Macau featured Hong Kong pop icon Jacky Cheung, one of China's most impactful artists, with a residency during June, drawing in tens of thousands of visitors who might not have otherwise explored the Special Administrative Region.

Visitor arrivals in Macau during the first quarter increased by 11.1%. The second quarter is showing signs of being even more robust.

JPMorgan analysts indicate that recent floor inspections reveal that premium-mass gamblers—those who may not fit the typical high roller category by Macau’s criteria but can wager between $385 and $1,300 per hand on baccarat—are driving the recent surge.

 

Stocks Rally

With June exceeding expectations, stock prices of the three US-based gaming firms with casino licenses in Macau surged.

During early Tuesday trading in New York, shares of Las Vegas Sands and Wynn Resorts jumped 7%, while MGM Resorts rose approximately 5%.

Sands holds the largest portion of the Macau market, and its Sands China division significantly impacts the financials of the Las Vegas-based gaming company. Sands’ reliance on China surged significantly during the COVID-19 pandemic when the company chose to sell The Venetian Resort on the Las Vegas Strip merely two months after the passing of Sands founder Sheldon Adelson in January 2021. In 2018, Sands disposed of its property in Pennsylvania.

Wynn is also heavily dependent on Macau, like MGM, though to a lesser extent than Sands.

Melco Resorts, a concession holder in Macau, is based in Hong Kong but is publicly traded in the US on the Nasdaq. Melco experienced a 10% increase in its shares following the solid June GGR report.