The Golden Week holiday in Macau this October experienced a notable rise in visitor numbers, with an estimated 15% increase compared to the previous year. Despite the extension to an eight-day holiday, the visitation figures, totaling approximately 1.14 million, fell short of the Macau Government Tourism Office’s expectations of 150,000 visitors daily, or 1.2 million in total.
The city’s Public Security Police Force reported that, on average, about 143,000 people visited each day. The Golden Week is a significant period for travel, particularly among mainland Chinese tourists, and it also represents a peak season for Macau’s casinos.
Analysts from CreditSights suggested that the increase in visitation during Golden Week should have a positive impact on Macau’s gross gaming revenue (GGR) for the month. They believe that this could help the special administrative region meet its full-year GGR target, which was revised in June by the Macau Gaming and Inspection Bureau from MOP240 billion to MOP228 billion, due to a variety of factors including a drop in gaming revenue, economic challenges, and shifts in the visitor demographics.
CreditSights analysts noted that Macau is in “a decent position” to meet its 2025 GGR target of MOP228 billion, needing a monthly GGR of just MOP15.6 billion in the fourth quarter, a figure that is lower than the year-to-date average of MOP20.1 billion. They expressed optimism, stating that if the current monthly GGR pace is sustained, the higher target of MOP240 billion could be attainable.
The holiday period also coincided with the impact of Typhoon Matmo, which disrupted travel plans and may have affected gaming revenues. The storm, which occurred on 5 October, brought high winds and heavy rains but was not as severe as previous weather events. In contrast, September was marked by Typhoon Ragasa, a super-typhoon that forced Macau casinos to close for 33 hours, causing a 5%-10% reduction in monthly GGR.
While Typhoon Matmo’s full impact on gaming revenue remains to be assessed, it did not cause significant flooding, and the situation was managed effectively. The peak of visitation occurred on 4 October, with around 190,000 visitors, dropping to 113,000 the following day due to Matmo’s disruptions.
The majority of visitors during Golden Week came from mainland China, accounting for approximately 943,000 arrivals. The rest of the visitors were from Hong Kong, Taiwan, and other international markets. The main entry points were the Border Gate, the Hengqin checkpoint, and the Hong Kong-Zhuhai-Macao Bridge.
Despite the challenges posed by Typhoon Matmo, the overall visitor numbers indicate a strong interest in Macau as a travel destination. Observers noted that the city continues to be a popular choice for tourists, especially during significant holidays. The rise in visitors during Golden Week underscores Macau’s enduring appeal, although it also highlights the need for continued resilience in the face of unpredictable weather events.
On the other hand, some industry insiders caution against over-reliance on visitor numbers for forecasting revenue. They argue that while foot traffic is essential, the actual spending habits of tourists play a critical role in the economic outcome. These experts point out that changes in the visitor profile, with more tourists focusing on entertainment and leisure beyond gambling, may affect traditional revenue streams.
Overall, the Golden Week 2025 results have provided a mixture of optimism and caution for Macau’s gaming industry. While the increased visitation bodes well for the region’s economic goals, industry stakeholders remain mindful of external factors such as weather disruptions and evolving tourist preferences that could influence future performance.
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