Macau Gaming Revenue Surges 14%, Boosting US Casino Giants
November figures beat analyst estimates, signaling a robust recovery driven by premium gamblers and providing a tailwind for Las Vegas Sands, Wynn, and MGM.
A powerful resurgence in Macau's gaming sector gained momentum Monday as newly released data showed gambling revenue in the Chinese territory jumped 14.4% year-over-year, buoying shares of U.S.-listed casino operators with heavy exposure to the region.
Macau's Gaming Inspection and Coordination Bureau reported that November gross gaming revenue (GGR) reached MOP 21.08 billion (US$2.63 billion), handily beating consensus estimates. The figure provides fresh evidence that the world's largest gambling hub is mounting a sustained recovery, driven by the return of high-value players and mainland tourists.
The strong performance offers a significant tailwind for companies like Las Vegas Sands (LVS), Wynn Resorts (WYNN), and MGM Resorts International (MGM), for whom Macau is a critical profit center. While the November total marked a sequential dip from October's holiday-boosted record, the underlying trend points to a market tracking well ahead of official government projections for the year.
For the first eleven months of 2025, Macau's gaming revenue has climbed to US$28.35 billion, reflecting an 8.6% increase from the prior year, according to industry reports.
Strategic Bets on Premium Recovery
Analysts note the recovery is not just about volume, but quality. Casino operators have successfully pivoted to focus on the lucrative 'premium mass' market segment—wealthy gamblers who are not classified as VIPs but spend significantly more than the average tourist. This strategic shift has stabilized revenue streams and improved margins.
MGM China has been a notable beneficiary, with analysts highlighting its outperformance and projecting it will solidify a mid-teens market share, building on a record 15.8% achieved in 2024. The company's focus on the premium segment has allowed it to effectively compete in the recovering market.
Meanwhile, Las Vegas Sands, the market leader, is executing a turnaround plan to regain market share, aiming for a 24% foothold in Macau. The company's outlook is bolstered by its significant investments in non-gaming attractions, which align with Beijing's goal of diversifying Macau's economy. The company's stock, LVS, is trading near its 52-week high of $68.63.
Wynn Resorts is also doubling down on its Macau operations. The company has committed over $750 million to property enhancements and new attractions, including a new event center, with several projects slated for completion by mid-2025. Wynn's focus on maintaining positive free cash flow while investing for growth has been received positively by investors, with its shares also trading robustly.
A Brighter Outlook for 2026
The strong finish to 2025 is setting a positive tone for the year ahead. Early forecasts for 2026 suggest Macau's sector-wide EBITDA could see further growth, fueled by relaxed visa rules for mainland visitors and a broader rebound in regional tourism. Visitor numbers are anticipated to climb toward 35 million, providing a steady stream of traffic to the city's integrated resorts.
While the path is not without potential headwinds, including regulatory shifts and the broader health of the Chinese economy, the sustained demand from premium players has given operators and investors renewed confidence. The latest revenue figures confirm that Macau's high-stakes recovery remains one of the most compelling stories in the global leisure sector.