Macau’s October Casino Revenues Drop 10% Despite Rising Visitor Numbers

Macau’s casino industry saw a sharp revenue drop in October, with gross gaming revenue (GGR) decreasing 10% despite an influx of visitors during the National Day Golden Week holiday, traditionally one of the region’s busiest periods. Together with the last few months’ disappointing results, the gambling industry’s recovery may be proving more challenging than initially expected. 2026 Has Been a Bumpy Year for Macau Data released by Macau’s Gaming Inspection and Coordination Bureau (DICJ) revealed that gross gaming revenue (GGR) in October reached MOP 21.68 billion ($2.69 billion), down from MOP 24.09 billion ($2.99 billion) in the same month last year. This figure marked a MOP 2.4 billion ($297 million) monthly decline. However, revenues improved from September 2026, when casino revenues were only MOP 18.06 billion ($2.3 billion). The 20% month-on-month increase suggests a slight recovery. Macau’s casinos experienced their fifth successive month of year-over-year decline. The industry started 2026 enjoying strong momentum, with GGR skyrocketing 24% in January. However, the trend reversed in June, when revenues fell 12.1%. The decline slowed to 8.4% in July and 1.2% in August and September, before accelerating again in October. October 2025’s record-breaking results make this comparison even worse for Macau. This year’s Golden Week holiday failed to meet expectations, and the NBA China Games, held at The Venetian Macao in early October, likewise did not deliver a meaningful impact. Such performance is surprising, given that monthly visitor numbers were up year-on-year and hotel occupancy exceeded 90% during the busiest days. Diversification Efforts May Affect Gambling Revenues Despite this continuing negative trend, year-to-date gambling revenues remain slightly ahead at 1.6%. The Macau government’s 2026 budget expects an annual GGR of MOP 236 billion ($29.2 billion). To match this figure, casinos would need to generate roughly MOP 13.6 billion ($1.69 billion) per month in November and December. However, even if revenues reach this target, they would still lag behind 2025’s MOP 247.4 billion ($30.7 billion) yearly results. Analysts attribute this disappointing performance to a surge in low-spending tourists and non-gaming visitors. While Macau is taking steps to diversify its tourism sector, gambling remains a major pillar of its economy. World events, such as rising fuel prices and lingering uncertainty over the US’ involvement in Iran, have also affected leisure spending among Chinese. Macau’s transition away from the VIP junket model also comes at a cost, and returns on non-gaming investment remain a significant consideration. Revenue has not yet returned to pre-pandemic levels, while recent figures show that a burgeoning tourism market does not guarantee higher casino takings. Macau’s long-term prospects will depend on its ability to attract visitors and get them to spend money at its resorts.