Macau’s gaming industry recorded its strongest Golden Week gross gaming revenue performance since before the COVID-19 pandemic, according to a recent report by J.P. Morgan.
During the first five days of the October holiday period, Golden Week gross gaming revenue reached approximately MOP5.5 billion (US$690 million), averaging MOP1.1 billion daily. This level represents a 3% year-over-year increase, slightly below analyst expectations, per GGRAsia.
Key takeaways:
- Macau’s Golden Week records strongest gaming revenue since before COVID-19
- Visitor numbers surged past one million during the eight-day holiday
- Analysts project continued growth despite short-term volatility
Record-Breaking Golden Week Gross Gaming Revenue
The extended Golden Week celebrations this year are expected to drive continued demand in the days following the initial peak. J.P. Morgan projects total October GGR to reach MOP23 billion, an increase of 11% to 13% compared to last year, marking the highest single-month figure in six years. Analysts DS Kim, Selina Li and Lindsey Qian remarked that it was the “best Golden Week print in five-plus years.”
Data from the holiday period highlights a robust rebound in visitor arrivals and gaming expenditure. Well over one million tourists visited Macau during the first seven days of the Golden Week, according to Macau Business.
Market Confidence Carries Past Golden Week
Macau’s gaming performance during the October Golden Week has outpaced expectations, delivering the strongest holiday results in more than five years. JP Morgan analysts noted that the anticipated week-over-week decline this year should be milder than last year’s 40% drop, supported by sustained demand over the latter half of the eight-day break.
They continue to forecast mid- to high-teen year-on-year growth in the second week of October, underpinned by stronger travel demand and a longer holiday period that is expected to extend gaming momentum beyond the peak days.
Looking beyond Golden Week, industry observers maintain a positive growth outlook for Macau’s gaming sector, projecting double-digit GGR growth through at least Q1 2026. The combination of a robust holiday performance, ongoing premium mass demand and strong economic fundamentals in mainland China supports this outlook.
