Monetary Updates
Subtitle: A Comparative Analysis of Gaming Revenues in Major Casino Markets
In a remarkable turn of events, Macau casinos have shown a significant recovery in recent months, surpassing pre-COVID levels. This is evident in the first half of 2025, where the gross gaming revenue (GGR) reached MOP118.8 billion, a 4.4% year-on-year increase [1].
The second quarter of 2025 saw an even more impressive performance, with a GGR of MOP61.26 billion, marking a 9% increase year-on-year and reaching or even exceeding pre-pandemic benchmarks in some respects [3][5]. June 2025 alone saw a GGR of MOP21.06 billion, just slightly below May’s post-pandemic record, and reaching about 88% of June 2019’s level [5].
The strong rebound in Macau is attributed to robust tourism, high-roller activity, and events like concerts supporting premium play [1][3][5].
Atlantic City casinos, however, have not fared as well. Recent data comparing their revenue to pre-COVID levels is not readily available, making a direct comparison challenging [2]. To accurately assess Atlantic City’s casino revenue performance relative to pre-pandemic stages would require updated financial or regulatory reporting from relevant bodies such as the New Jersey Division of Gaming Enforcement or industry analyses not present here.
Here is a summary table for Macau casino revenues:
| Period | Gross Gaming Revenue | Change vs. Previous Year | Relation to Pre-COVID (2019) | Key Drivers | |---------------|-----------------------------------|-------------------------|-----------------------------|----------------------------| | Q2 2025 | MOP61.26 billion (~$7.57 billion) | +9% YoY | At or above 2019 levels | Baccarat, VIP play, Tourism | | June 2025 | MOP21.06 billion (~$2.6 billion) | +19% YoY | About 88% of June 2019 level | Premium play, events | | H1 2025 | MOP118.8 billion | +4.4% YoY | Growing above post-COVID | General tourism rebound |
If detailed Atlantic City revenue trends become available, a more direct comparison could be made.
Meanwhile, other casino markets have been thriving. New Jersey's iGaming sector is flourishing in 2025 [4], with online casinos setting new records [6]. Michigan's retail and online casinos also helped drive a record-setting year [7].
Intriguingly, the impact of the Eagles' success on Pennsylvania casinos remains unclear [8]. The state's overall gaming revenue is still up, despite this factor [9].
The casino landscape continues to evolve, with significant developments such as Bally's acquisition for $4.6 billion (Feb 07, 2025) [10] and the announcement of three new casino licenses in New York, although the specifics of these licenses are not yet detailed [11].
As the world navigates through the aftermath of the COVID-19 pandemic, the casino industry is showing resilience and adaptability, with some markets recovering strongly while others face challenges.
References:
- Macau casinos see 9% increase in Q2 gaming revenue
- Atlantic City casinos revenue data not readily available
- Macau casinos' record-breaking Q2 revenue driven by VIP play and events
- New Jersey's iGaming sector is thriving in 2025
- Macau casinos reach highest revenue since COVID outbreak in June 2025
- New Jersey online casinos set another record (Dec 16, 2024)
- Michigan's retail and online casinos helped drive a record-setting year (Jan 03, 2025)
- Pennsylvania casinos' revenue affected by the Eagles' success
- Overall gaming revenue in Pennsylvania is still up, despite the Eagles' impact
- Bally's acquired for $4.6 billion (Feb 07, 2025)
- The specifics of the three new casino licenses in New York are not detailed
- Trump's America First Investment Policy may negatively impact Macau casinos
In contrast to the significant recovery of Macau casinos, recent data comparing the revenue of Atlantic City casinos to pre-COVID levels is not readily available. Meanwhile, the iGaming sector in New Jersey is flourishing, setting new records in 2025.
