Macau’s gaming revenue rose by a better-than-expected 1.7 percent year-on-year in April, according to the Gaming Inspection and Coordination Bureau, though analysts remain cautious amid broader macroeconomic concerns.
Gaming revenue in the world’s largest gambling hub totaled MOP18.86 billion (HK$18.31 billion) in April, up 1.7 percent from a year earlier but down 4.1 percent from March.
The April figure brought the city’s total gross gaming revenue for the first four months of 2025 to MOP 76.51 billion, up 0.8 percent from the same period last year.
However, UBS has turned cautious on Macau’s gaming sector, citing concerns that the ongoing US-China trade tensions could indirectly dampen demand. The bank noted that Macau’s gaming revenue is closely correlated with China’s exports, particularly those from the Pearl River and Yangtze River Delta regions, which are key markets for Macau’s visitors.
Angus Chan Chi-lap, head of Hong Kong strategy at UBS Global Research, forecasts a 2 percent year-on-year decline in Macau’s total gaming revenue in 2025, down from a previous forecast of a 3 percent increase. He also expects earnings before interest, taxes, depreciation, and amortization to drop by 8 percent year-on-year.
"UBS recently lowered its gross domestic product and export growth forecasts for China, reflecting the impact of US tariff hikes," Chan said.
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