Macau's gross gaming revenue (GGR) experienced a decline of 1.2% year-on-year in September, totaling MOP$18.06 billion (approximately US$2.24 billion), as reported by the Gaming Inspection and Coordination Bureau (DICJ).
This marks the fourth consecutive month that the city has seen a decrease in GGR compared to the same month from the previous year.
The September figure is also 17.5% lower than August's revenue, representing the lowest monthly total recorded in 2026. The market is still grappling with the repercussions of the football World Cup held in June and July.
Despite the drop in monthly revenue, the cumulative GGR for the first nine months of 2026 reached nearly MOP$187.12 billion (around US$23.16 billion), reflecting a 3.2% increase compared to the same timeframe last year.
For the third quarter, GGR amounted to MOP$60.21 billion (US$7.45 billion), which is a slight decline of 1.3% from the MOP$61.03 billion (US$7.55 billion) reported in the second quarter.
The decline in September occurred despite Seaport Research Partners indicating that there had been signs of recovery in customer visits and agent activities in recent weeks. Nevertheless, industry analysts have been revising their forecasts for the fiscal year 2026 downward due to the overall softness in the market.
Investment sector caution also influences the trading outlook for the final quarter of the year and beyond.
In a memo released on Monday, CreditSights Inc, a credit and market research firm, mentioned that it “does not rule out” the potential for “tighter regulatory scrutiny to remain a concern” for the Macau gaming industry, particularly affecting the VIP segment.
Brokerage CLSA Ltd highlighted that “risks” related to the “consensus downward revision” of Macau industry earnings have “increased.” The firm had already adjusted its earnings forecasts for Macau for 2027 and 2028 in mid-September.
The International Monetary Fund noted that while the VIP segment of Macau's casino industry is expected to contribute a relatively small portion of overall gaming revenue in the medium term, there are indications of recovery.