Macau Posts Record Post-Pandemic Revenue of MOP247.4 Billion for 2025

Macau's casinos won MOP247.40 billion in 2025, up 9.1% and the highest annual total since 2019. With baccarat roughly 85% of the market, it was effectively a record baccarat year.

Macau's casinos generated gross gaming revenue of MOP247.40 billion — about US$30.9 billion — in 2025, up 9.1% from 2024 and the highest annual figure since the pandemic shut the city's gaming floors in early 2020, according to data published by the Gaming Inspection and Coordination Bureau (DICJ, January 2026).

The total works out to roughly 84.6% of the MOP292.46 billion Macau recorded in 2019, its last full pre-pandemic year — a recovery that is strong but still incomplete. December closed the year at MOP20.89 billion, up 14.8% on December 2024 and the best December since the pandemic, though slightly below November's figure (GGRAsia, January 2026).

Beating the Government's Own Target

The result comfortably exceeded the Macau government's mid-year revised forecast of about MOP226–228 billion. For 2026 the government has budgeted for MOP236 billion, a cautious figure given the year just posted (CDC Gaming, January 2026).

Gaming remains the city's fiscal engine: gaming taxes for 2025 reached nearly US$12 billion, or 82.7% of the government's current revenue (GGRAsia, January 2026).

Why a Macau Record Is a Baccarat Record

Baccarat's dominance in Macau is unlike anywhere else in the world. DICJ's own game-by-game breakdown put baccarat at roughly 85% of casino gross gaming revenue in early 2026, with roulette under 1% (see our companion report on the first-quarter figures). When Macau posts a record year, it is baccarat players — at both the mass-market tables and in the VIP salons — who produced it.

The softer close to the year is worth watching: December was up strongly on the prior year but dipped from November, and the government's conservative 2026 budget suggests officials expect growth to moderate.