Macao casino operators are clawing their way back to pre-pandemic numbers. We forecast the gross gaming revenue will improve by 5%-6% year on year in 2025. Our forecast implies that mass gross gaming revenue (GGR) will be 15%-20% above pre-pandemic level. However, junket (or VIP) volume will likely stay near current low levels unless regulations change. Total GGR, therefore, will likely be 80%-85% of 2019 level.