In early October 2025, during the Golden Week, Macau welcomed 1.14 million visitors, averaging 143,000 visitors per day, a 15% increase from 2024, but below the Special Administrative Region government's expected total of 1.2 million visitors. According to CreditSights analysis, this scale of visitors is expected to support a strong growth in Macau's total gaming revenue, making the annual target of 228 billion Macau patacas "within reach". The visitor count dropped to 113,000 on October 5th due to the impact of Typhoon "Madum" during the later period of the Golden Week, but the specific impact on gaming revenue is yet to be observed. In June this year, Macau's Gaming Inspection and Coordination Bureau revised the annual gaming revenue forecast from 240 billion Macau patacas down to 228 billion Macau patacas, and currently, an average monthly gaming revenue of 15.6 billion Macau patacas is needed in the fourth quarter to achieve the target.
Overview of Golden Week Visitor Data
During the early October 2025 Golden Week, Macau received a total of 1.14 million visitors, with an average daily visitor count of 143,000. This data shows a 15% increase from the same period in 2024, indicating a continuous recovery trend in the tourism industry.
Despite the extension of the Golden Week holiday to 8 days, the total number of visitors still fell short of the Macau Special Administrative Region Tourism Bureau's earlier expectation of 1.2 million visitors, with a target of 150,000 visitors per day.
Gaming Revenue Expectations and Adjustments
CreditSights' latest analysis indicates that the increase in visitors during the Golden Week is expected to help Macau achieve its annual gaming revenue target. In June this year, Macau's Gaming Inspection and Coordination Bureau revised the 2025 gaming revenue forecast from 240 billion Macau patacas down to 228 billion Macau patacas.
Analysts suggest that if the current monthly gaming revenue growth trend continues, the originally set higher target of 240 billion Macau patacas could also be achievable.
Impact of Typhoon and Weather Factors
The later period of the Golden Week was affected by Typhoon "Madum", with visitor numbers dropping to 113,000 on October 5th, significantly lower than the peak day's 190,000. The typhoon brought strong winds and heavy rain, but reportedly only caused minor waterlogging.
A previous typhoon in September, "Lagasa", led to the closure of Macau casinos for 33 hours, resulting in a 5%-10% decrease in monthly gaming revenue, equivalent to a loss of three business days.
Visitor Sources and Market Composition
During the Golden Week, 943,000 visitors came from mainland China, 128,000 from Hong Kong, with the rest from Taiwan and international markets. Mainland visitors continued to dominate, accounting for over eighty percent.
Most visitors entered Macau through the Gongbei Port, Hengqin Port, and the Hong Kong-Zhuhai-Macau Bridge, demonstrating the critical support role of infrastructure for the tourism industry.
Holiday Background and Timing
The 2025 Golden Week included the October 1st National Day and the October 6th Mid-Autumn Festival, with the holiday extended to 8 days, providing more ample travel time for visitors.
The Mid-Autumn Festival, a traditional Chinese festival similar to Thanksgiving in the United States, features family reunions, promoting holiday travel demand.
Current State and Challenges of the Gaming Industry
Macau's gaming industry faces multiple challenges such as declining revenue, economic fluctuations, and changes in visitor demographics. Regulatory authorities have pointed out these factors as reasons for this year's downward revision of the annual gaming revenue forecast.
Currently, an average monthly gaming revenue of 15.6 billion Macau patacas is needed in the fourth quarter, while the average from the beginning of the year to date is 20.1 billion Macau patacas, presenting certain pressures to meet the target.
Tourism Industry Recovery Trend
Despite adverse factors such as typhoons, a 15% year-on-year increase in visitor numbers during the Golden Week shows that Macau's tourism industry maintains a recovery momentum. The increase in visitor numbers brings business opportunities to related industries.
The recovery of the tourism industry has a positive pull effect on hotels, dining, retail, and gaming industries.
Infrastructure and Reception Capacity
Macau's major ports effectively handled the passenger flow pressure during the Golden Week, ensuring efficient customs clearance. Major infrastructure such as the Hong Kong-Zhuhai-Macau Bridge continues to play a significant role.
Tourism reception facilities and service systems withstood the test of high holiday traffic, demonstrating Macau's comprehensive service capabilities as a tourist city.
Future Outlook and Market Expectations
Analysts believe Macau is in a "good position" to achieve its annual gaming revenue target. Consistent stable monthly performance is a key factor.
The market looks forward to subsequent holidays and major events further promoting the development of tourism and the gaming industry, aiding economic recovery.
Risk Factors and Countermeasures
Natural disasters such as typhoons remain uncertain factors affecting the tourism industry. Macau needs to improve emergency plans to reduce the impact of extreme weather on tourism.
The gaming industry needs to pay attention to economic environments and policy changes, adjust business strategies flexibly, and maintain market competitiveness.
