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Bond Market News
Macau’s GGP Rises, Beating Estimates, But Still Below Pre-Pandemic Levels
May 5, 2025
Macau’s gross gaming revenues (GGR) rose by 1.7% YoY to MOP 18.9bn ($2.4bn) in April. Revenues surpassed analysts’ expectations for a 1.25% drop, after seeing 520,065 visitor arrivals during the Easter break from April 18-21. However, broad GGR numbers are still below pre-pandemic levels seen in 2019. For instance during the first four months of the year, GGR stands at $9.5bn, over 23% lower than the $12.4bn seen in 2019. Fitch noted that while there were no clear signs that China was targeting US casino companies, there was a fear of retaliation due to the ongoing US-China trade tensions. Currently, there are three US-based Macau casino operators – Las Vegas Sands (LVS), Wynn Resorts, and MGM Resorts International. Macau accounted for 63%, 52% and 23% of their overall 2024 revenues respectively.
Macau gaming bonds were trading stable across the board.
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