Macau’s VIP baccarat generated gross gaming revenue (GGR) of MOP16.33 billion (US$2.02 billion) in the second quarter of 2025, up 13.0 percent sequentially. The tally rose by 22.7 percent year-on-year, according to data released on Wednesday by the city’s casino regulator, the Gaming Inspection and Coordination Bureau.
GGR in the mass-market casino gambling segment – including slot machine play – stood at nearly MOP44.79 billion in Macau in the three months to June 30, up 3.9 percent from a year earlier. Judged sequentially, the tally was down 3.7 percent.
In the April to June period, VIP baccarat accounted for about 26.7 percent of all Macau GGR in the quarter.
Citigroup had said in a July 9 note that a “slightly unfavourable revenue mix” in terms of Macau player segments during the second quarter – including typically lower-margin VIP gamblers – was likely to have hit industry margins on earnings before interest, taxation, depreciation, and amortisation (EBITDA) by 60 basis points. Second-quarter earnings season for Macau’s six gaming operators is yet to start.
For the second quarter of 2025, mass-market revenue – including slots – accounted for 73.3 percent of the MOP61.1 billion aggregate GGR, showed the official data. Revenue specifically from mass-market baccarat, at just under MOP35.59 billion, was about 58.2 percent of total Macau GGR for the period.
Market-wide second-quarter slot machine revenue was just above MOP3.51 billion, representing a market share of nearly 5.8 percent. It was up 9.4 percent from the prior-year period, and a 7.3-percent increase quarter-on-quarter.
A number of brokerages have in recent weeks adjusted their forecasts for Macau GGR this year, expecting the market to produce about US$30 billion.
In June, the Macau government reduced by about 5 percent its forecast for the city’s 2025 GGR. The new estimate is MOP228 billion, versus its projection of MOP240 billion made in November.
