Casinos in the Chinese semi-autonomous region of Macau generated nearly 18.9 billion patacas (€2.08 billion) in revenue in April, as reported by the Gaming Inspection and Coordination Bureau (DICJ).
This figure exceeded expectations from Citigroup analysts, who, on April 24, had predicted revenues of 18.25 billion patacas (€2.01 billion) for the month, which would have marked a 2% year-on-year decline.
Additionally, Vitaly Umansky, an analyst at Seaport Research Partners, forecasted a 0.1% decrease in revenues on April 1, compared to the same month in 2024, due to a recent crackdown on illegal money exchange activities.
The gaming sector is witnessing its strongest start of the year since 2019, before the onset of the COVID-19 pandemic.
From January to April, Macau casinos recorded total revenues of 76.5 billion patacas (€8.43 billion), marking a 0.8% increase from the same period in 2024.
This amount accounts for 76.7% of the total accumulated in the first four months of 2019.
On April 1, JP Morgan Securities predicted that Macau’s gaming revenues would stagnate in the first half of 2025, before “accelerating in the second half” with a growth of 5 to 6%.
JP Morgan analysts noted that this would result in “modest growth of 3%” for the current year.
Vitaly Umansky also projected greater growth, anticipating a 10.9% rise in the second half of 2025, following a 2.2% increase in the first half. The Seaport Research Partners analyst expects a 6.5% growth rate for the entire year.
In 2024, Macau achieved total gaming revenues of 226.8 billion patacas (€27.4 billion), a 23.9% increase from 2022, but only 73.2% of the revenue recorded in 2019, prior to the COVID-19 pandemic.
The Macau government, in its 2025 budget forecast, anticipated closing the year with total revenues of 240 billion patacas (€27.7 billion), representing a 6% increase compared to the previous year.
However, on April 23, Macau’s Secretary for Economy and Finance acknowledged that the public revenues in 2025 “may not be as optimistic as predicted,” given that gaming revenues are below the monthly target of 20 billion patacas (€2.2 billion).
“We must seriously study the future economic situation and persist in prudent financial management, adhering to the principle of maintaining expenditures within the limits of revenue as outlined in the Basic Law,” stated Anton Tai Kin Ip.
The Basic Law, Macau’s “mini-constitution,” mandates that the government maintain a balanced budget.
Macau, the world’s gambling capital, is the only place in China where casino gambling is legal.
