Macau GGR Climbs 8.4% in July as Premium Mass Segment Drives Recovery

Macau's Gaming Inspection and Coordination Bureau (DICJ) confirmed on Thursday that the special administrative region generated MOP 21.3 billion (approximately US$2.64 billion) in gross gaming revenue during July, an 8.4% increase compared to the same month in 2025. The figure represents the strongest July performance since 2019 and pushes year-to-date GGR past MOP 142 billion, keeping the market on pace to exceed analyst full-year forecasts of MOP 240 billion.

Premium mass table games accounted for an estimated 42% of total revenue, according to preliminary breakdowns shared by Macau-based brokerages, overtaking VIP baccarat's contribution for the third consecutive quarter. Executives at Galaxy Entertainment and MGM China have publicly stated that the shift away from junket-driven VIP play toward direct premium mass customers has structurally improved margins, with EBITDA per visitor now roughly 30% higher than pre-pandemic levels. Hotel occupancy across the six concessionaires averaged 94% during the month, aided by mainland China's summer travel peak and new non-gaming attractions mandated under the 2023 concession renewals.

Visitor arrivals reached 3.6 million in July, a 6.2% year-on-year rise, with mainland Chinese visitors representing 71% of the total. Notably, arrivals from Southeast Asian markets including Thailand, Malaysia, and Indonesia grew by 18%, reflecting the sustained impact of expanded visa-free access agreements. Sands China and Wynn Macau both reported record non-gaming revenue contributions during their most recent earnings calls, with retail, F&B, and entertainment segments together approaching 15% of property-level turnover.

Analysts at JP Morgan and Morgan Stanley have raised their second-half projections in response to the July figures, though both cautioned that regional competition from Japan's forthcoming Osaka integrated resort and expanded gaming zones in the Philippines could temper long-term growth. For now, Macau's operators appear firmly in recovery mode, with capital expenditure commitments under the current concession cycle exceeding MOP 130 billion through 2032.