International visitors growing, but less than expected

[Photo: Renato Marques]

In line with the Central government’s guidelines for Macau’s development, increasing the number of international visitors to Macau has become a primary goal of the local tourism authorities.

In 2024, Macau recorded a significant rebound in tourism, with nearly 34.93 million visitors, an increase of 23.8% year over year. Contributing to this was a substantial increase in international tourists, which reached approximately 2.42 million (a 66% year-over-year increase).

Based on these figures, the Macao Government Tourism Office (MGTO) has set a new target of 3 million international visitors in 2025. In fact, the 3 million figure represents a 24% year-over-year increase.

Bar Too High for 2025

Analysis by the Times of the figures released to date shows a clear and significant increase in the number of these tourists, consistent with the growth also observed in the overall number of visitors. Still, the same analysis indicates that the increase recorded to date is unlikely to be sufficient to reach the set target.

In the first 11 months of this year, the total number of international visitors to Macau reached 2,420,859, averaging 220,078 per month. Compared with the same period last year, these figures are 18.6% higher but still fall short of the 24% target set by MGTO.

Even if December turns out to be an exceptional month, it would be unrealistic to think that it could reach a figure anywhere near the 580,000 needed to complete the three-million goal, as the highest single month of 2025 so far was the traditional November with some 273,950, which is less than half of the 580,000 needed.

Based on the available figures, we estimate that the final number of international visitors this year will be approximately 2.7 million.

The highest month so far, November, is likely to top, as usual, the list of months with the most international visitation, a fact closely linked to the staging of the Macau Grand Prix.

For the time being, October holds the second-highest score (260,944), followed by January (241,131). According to preliminary figures recently released, December’s final figures are expected to be similar, making the last quarter of 2025 potentially the highest quarter of the year.

Above the annual average were March, April, and May (all around 230,000), with the lowest months occurring during the summer (June to September), when the average was approximately 185,000 per month.

The month with the fewest international visitors this year was September (176,154), followed by July (177,774).

Interestingly, the year-over-year growth recorded in November this year was precisely 24%.

Growth and variations

Despite the increase in international visitation noted previously, not all markets have followed this trend; some important ones have gone against it.

One example is Singapore, a traditional high-value market for Macau, not only in the number of visitors but also in expenditure, which showed a slight drop at the end of November compared with last year, by 0.2%. This drop was more pronounced in November, with a 6.6% decrease relative to 2024.

Other traditional source markets for Macau, such as Malaysia, also grew slightly, with a 2.6% increase in the first 11 months.

Another critical market, which annually outperforms the long-haul market, the USA recorded growth of approximately 9.6% in the first 11 months of 2025. Even lower growth was recorded by the UK (7.5%).

Among those growing more than the average were Japan (26.9%) and Thailand (33.3%). There was also a significant surge (36.1%) in the bracket that includes “Other European Countries.” However, it is not possible to determine which countries are contributing to the surge, as data are not available at the individual-country level.

Steady growth continued in significant markets such as South Korea (12.1%), the Philippines (10.2%), and Indonesia (16.3%), although all grew below the annual average.

Recall that in 2024, growth in international visitors was driven primarily by the Philippines, South Korea, Indonesia, Malaysia, and the USA, with the first two accounting for nearly 1 million visitors.

In the first 11 months of 2025, we observe a shift in the lead, with South Korea topping the list of countries with the most visitors (490,068), followed closely by the Philippines (477,462). Indonesia remains in third place, a considerable distance behind (181,584).

Among this top trio, only Indonesia has already surpassed Macau’s 2024 visitor count.

Malaysia retains, for now, the fourth position (158,321). Still, Thailand has now entered the top 5 with 156,372, relegating the USA to the sixth position (145,299), just a whisker away from Japan (145,086), a fact that might prompt further changes when the full-year figures become official.

One step down, India (100,826) surpasses Singapore (97,391) to rank eighth.

Although their contribution base is relatively low (approximately 3,000), the largest year-over-year increase to date in 2025 was 37.6%, recorded by visitors from Vietnam.