What did the latest Macau tourism data show?

Macau hotel occupancy reached 89.4% in 2025 as room supply rose 4.9% to around 45,000. Average room rates fell 3.5% for the year, and December five-star prices dropped about 6% year on year. The data suggests strong visitation but softer pricing, which can limit revenue per available room in the near term.

How do softer room rates affect casino resort profits?

Lower room rates can cap revenue per available room, but high occupancy supports foot traffic. Resorts may offset with higher non-gaming spend, better mix of premium mass players, and targeted packages. Margin outcomes depend on cost control, comp usage, and whether guests spend more on dining, retail, and entertainment.

What should Australian investors monitor from here?

Focus on monthly occupancy and rate updates, holiday period performance, and any shifts in visitation policy. Track airfare and flight capacity via Hong Kong, and watch demand for Asia travel. Also follow signs of rate discipline by tier, which would indicate improving pricing power into peak events and festivals.

Is the five-star December rate drop a longer-term warning?

Not necessarily. December can be seasonally softer ahead of Lunar New Year. If event calendars, conferences, and entertainment line-ups improve, rates can recover even if Macau hotel occupancy stays near current levels. The key is whether premium guests return in force and spend more across non-gaming categories.

Global Market Insights

Macau Hotels: 2025 Occupancy 89%, 5-Star Rates Down 6% – February 02

ByHuzaifa Zahoor February 2, 2026

Macau hotel occupancy reached 89.4% in 2025 as room supply grew 4.9% to 45,000 rooms. Average room rates fell 3.5% for the year and five-star prices in December slipped about 6% year on year. For Australian investors, the mix points to strong foot traffic and steady casino resort demand, but softer pricing may limit revenue per available room and squeeze margins. We break down the Macau tourism data, highlight rate trends across tiers, and outline what to watch as 2026 events and holidays shape the next leg.