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Figures for May 2025 show Macau’s casino industry recorded its most substantial monthly post-pandemic gross gaming revenue (GGR), hitting $2.62 billion.

Results for May show a 5% year-on-year (YoY) increase. The rise was fueled by China’s Labour Day Golden Week, as well as benefiting from a strategic hospitality launch event.

The Labour Day holiday event, which ran from May 1 to 5, reportedly brought in nearly 850,000 visitors to the region.

As a consequence, casino visitor numbers were also up, which insiders estimate meant gaming floors saw revenue returns of over $124 million per day during the peak holiday period.

In addition to the Golden Week celebrations, May’s calendar encompassed five Saturdays, which, given Macau’s tendency to generate 20% more revenue on the weekends, also bolstered totals. 

Before May 2025, Macau’s best post-pandemic tally saw casinos collect a monthly high of $2.58 billion in October 2024. The region’s latest figures also mark a 12.4% rise from April 2025, sustaining hopes for a continued revival in the world’s largest gambling hub.

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Another driving factor for May’s results was the soft opening of Capella at Galaxy Macau, which bolstered VIP numbers by drawing in more high-rolling visitors from Asia. 

As a result, the new luxury hotel launch reportedly boosted VIP turnover by 25-30%, raising GGR by $85.06 million in the third week of May alone.

Having reviewed Capella’s initial results, analysts from HSBC and UBS both suggested the VIP win rates were 3.5% to 3.7%, which helped support the sector’s above-average revenue performance. 

Consequently, both institutions have since raised their GGR projections for May, with HSBC increasing its estimated outlook for the month to between $26.1 and $26.9 billion.

However, despite the region’s continued recovery, year-to-date gross gaming revenue stands at $12.1 billion, representing a 1.7% increase from the same period in 2024. 

This puts Macau’s monthly average returns at $2.42 billion this year, slightly below the desired $2.48 billion per month required to keep pace with the government’s annual target of $29.7 billion.

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While May’s figures remain promising, Macau’s GGR for the first five months of 2025 equates to just 77.7% of that recorded during the same period in 2019. Nevertheless, analysts still maintain that the data reflects an overall upward trend toward pre-pandemic levels.

Irrespective of the optimistic outlook, Macau is now prepping itself for a precarious June, as experts predict the likely traditional seasonal dip in visitor numbers. Additionally, the looming threat of the typhoon season will further reduce visitor numbers.