VIP baccarat leads GGR growth in Q3

The VIP baccarat segment drove a strong performance in the third quarter of this year, posting gross gaming revenue (GGR) of MOP16.9 billion, a 29.1% increase year-on-year, according to the Gaming Inspection and Coordination Bureau (DICJ).

Quarter-on-quarter, VIP baccarat rose 3.4%.

The VIP segment outpaced mass baccarat, which grew 7.1% year-on-year to MOP36.5 billion and 2.6% quarter-to-quarter. VIP baccarat’s share of total gaming revenue increased to 26.9% from 23.5% in Q3 2024, while mass baccarat’s share declined slightly to 58.2%.

Overall, the gaming industry generated MOP62.7 billion GGR for Q3, up 12.5% from the same period last year and 2.4% from Q2.

Despite robust growth, the market remains below historical peaks, such as Q3 2013, when GGR reached MOP57.8 billion, accounting for 64.6% of total revenue.

Recently, credit and market research firm CreditSights Inc. forecasted that the casino sector is on track to meet the government’s full-year 2025 GGR target of MOP228 billion.

Analysts Nicholas Chen and David Bussey noted that the city would need an average monthly GGR of MOP15.6 billion in the fourth quarter to reach the target, compared with a year-to-date monthly average of MOP20.1 billion. They added that if the current growth pace continues, Macau could also approach the government’s earlier target of MOP240 billion.

The government revised its 2025 GGR forecast downward by about 5% in June, lowering it from MOP240 billion to MOP228 billion.

CreditSights highlighted Macau’s strong visitor numbers during the recent eight-day October Golden Week, describing the period as “robust,” despite disruptions caused by Typhoon Matmo, which affected transportation and non-gaming services at casino resorts.