S&P Global Ratings estimates gross gaming revenue for Macao's casino operators to approach pre-pandemic levels in 2025, according to a Monday report.

Total gross gaming revenue will grow between 5% and 6% year over year this year, or hitting about 80% to 85% of the level in 2019, according to S&P.

The rating agency expects mass gross gaming revenue expansion to be 15% to 20% above pre-pandemic numbers, although this will be balanced by stagnant growth in junket, or VIP, volume.

EBITDA for Melco Resorts (Macau) and Sands China (HKG:1928) will accelerate due to a rise in new or renovated properties, while that of MGM China Holdings (HKG:2282) is already above pre-pandemic levels, S&P said.

Other operators will see their EBITDA reaching about 90% of pre-pandemic figures this year, according to the rating agency.

Macao players may see tighter cash flow and leverage due to economic pressures and possibly increasing operating expenses, although they have ample liquidity to meet upcoming maturities, S&P said.