BRIEF: Macao gaming revenue rises year-on-year in April, but dips month-on-month

Macao generated gross gaming revenue of 18.86 billion patacas ($2.35 billion) in April, up 1.7% year-on-year but down 4.1% month-on-month, according to data from the city’s Gaming Inspection and Coordination Bureau released on Thursday. The latest figure represented a second consecutive month-on-month decline.

Gross gaming revenue for the first four months of 2025 totaled 76.5 billion patacas, up by a marginal 0.8% compared to the same period last year.

After two years of rapid post-pandemic growth, Macao’s gaming revenue momentum is cooling. The government projected late last year that 2025 gaming revenue would hit 240 billion patacas, an 11% annual increase. Such a target would require monthly average revenue of 20 billion patacas, but the first four months of 2025 have consistently fallen short of that mark. Escalating global tariff disputes and subdued market sentiment are likely to dent high-roller spending, making it increasingly probable that Macau will miss its annual gaming revenue target this year.

By Lau Chi Hang

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