Macau June Gross Gaming Revenue at MOP 18.5 Billion, Down 12.1% YoY
Miles Bennett
Macau's June gross gaming revenue came in at MOP 18.522 billion, down 12.1% year-on-year — the first monthly decline of 2025; the first-half cumulative total still grew 6.8%, making the second-half trajectory the key variable for gaming-sector valuations.
How bad is the June number?
Macau's Gaming Inspection and Coordination Bureau reported June gross gaming revenue of MOP 18.522 billion, a 12.1% year-on-year decline.
This marks the first month of negative year-on-year growth in 2025, breaking a streak of consecutive monthly gains.
This means → the high base from the same month last year is now biting; the period of easy year-on-year comparisons may be over.
How does the first half look overall?
Cumulative gross gaming revenue for January–June 2025 reached MOP 126.901 billion, up 6.8% year-on-year.
In plain terms = the first half is still growing; June is one bad month, not a broken trend — yet.
A single-month swing does not erase a half-year gain, but if the next few months also turn negative, the cumulative growth rate will erode steadily.
What matters in the second half?
Whether the monthly year-on-year decline continues is the key variable for second-half gaming-sector valuations.
This means → the market will not fixate on one month; July and August must show whether growth can resume.
Two or three consecutive months of year-on-year declines would shift the sector narrative from "recovery" to "peaking out," triggering a real re-rating.
Content is for reference only, not financial advice.