Macau 4Q25 Casino Revenue Boosted by VIP Baccarat

VIP baccarat led Macau’s casino revenue in Q4 2025, accounting for 30.7 percent of total gaming takings, driven by growth in the premium segment, according to data from the Macau Gaming Inspection and Coordination Bureau (DICJ).

The DICJ reported that total gaming revenue for the quarter ending December 31 reached MOP 20.31 billion (US$2.53 billion), marking a 45.2 percent increase from MOP 13.99 billion in Q4 2024.

VIP Growth and Mass Market Stability

Revenue from VIP baccarat expanded 20.3 percent compared to the previous quarter, increasing its share of total casino GGR from 27.0 percent to 30.7 percent. Overall casino gross gaming revenue for Q4 2025 stood at MOP 66.06 billion (US$8.25 billion), with VIP activity providing a strong year-end boost.

Mass market gaming, including slots, contributed MOP 45.75 billion (US$5.71 billion), representing the largest portion of total casino revenue. This was up 5.3 percent from MOP 43.44 billion a year earlier and showed a stable quarter-on-quarter performance.

Baccarat Dominates Mass Play, Slots Edge Up

Within the mass market segment, baccarat remained the top performer, generating MOP 36.25 billion (US$4.52 billion), equivalent to 54.9 percent of overall GGR. This marked a 4.8 percent rise year-on-year, though a slight 0.7 percent drop from the previous quarter. Slot machine revenue reached MOP 3.63 billion (US$453 million), up nearly 8 percent from Q4 2024 and 5 percent from Q3 2025, contributing just over 5 percent of total casino earnings. Live multi-game table revenue totaled MOP 1.25 billion (US$156 million), increasing more than 10 percent from early 2024 and slightly higher than the previous quarter.

Sports Lottery Performance Mixed

Outside casinos, Macau’s sports lottery results were uneven. Football bets fell nearly 10 percent year-on-year to MOP 93 million (US$11.6 million), down from MOP 103 million. Meanwhile, basketball wagering grew by over 14 percent to MOP 73 million (US$9.1 million), compared to MOP 64 million in Q4 2024.

Full-Year Revenue

For the full year 2025, total gaming revenue including casino GGR of MOP 247.40 billion (US$30.88 billion) and lottery sales totaled MOP 248.03 billion (US$30.97 billion). The fourth quarter highlighted a strong rebound in VIP baccarat, stable mass market performance and mixed outcomes in the sports lottery segment.