Macau’s VIP baccarat segment generated gross gaming revenue (GGR) of just over MOP20.31 billion (US$2.53 billion) in the fourth quarter of 2025, up 45.2 percent year-on-year, and up 20.3 percent sequentially.
That is according to data released on Friday by the city’s casino regulator, the Gaming Inspection and Coordination Bureau.
VIP baccarat was 30.7 percent of all fourth-quarter GGR, up from its 27.0 percent contribution in the third quarter.
A Friday note from banking group JP Morgan said play mix – in terms of a bigger contribution from lower-margin premium play – might have impacted operator margins in the fourth quarter.
GGR in the mass-market casino gambling segment – including slot machine play – stood at MOP45.75 billion in Macau in the three months to December 31, up 5.3 percent on the nearly MOP43.44 billion a year earlier. Judged sequentially, the mass-market tally for final-quarter 2025 was up 0.1 percent on third-quarter’s MOP45.68 billion, showed official data.
Fourth-quarter revenue from mass-market baccarat, at MOP36.25 billion, was about 54.9 percent of total Macau GGR for the period.
Year-on-year it went up 4.8 percent. Quarter on quarter, mass baccarat was actually down 0.7 percent.
Slot machine revenue in the three months to December 31 was MOP3.63 billion, representing a market share of 5.5 percent of all revenue from games of fortune. The slot GGR tally was up 7.8 percent from the prior-year period, and up 5.5 percent quarter-on-quarter.
The live multi-game category’s fourth-quarter GGR went up 10.7 percent year-on-year, to MOP1.25 billion, and up by 0.9 percent sequentially.
Macau’s GGR for calendar-year 2025 reached MOP247.40 billion, the city’s government said on January 1.
