Macau’s casino gross gaming revenue (GGR) fell 1.2% year-on-year in September to MOP$18.06 billion (US$2.24 billion), according to data released by the Gaming Inspection and Coordination Bureau (DICJ).
The result was the fourth consecutive month in which the city’s GGR declined compared with the same month a year earlier.
The September total was also 17.5% below the figure for August and the lowest monthly result so far in 2026. The city has yet to fully recover from the challenges that the football World Cup in June and July presented to the market.
Nine-month tally stays ahead of 2025
Despite the monthly drop, cumulative GGR for the first nine months of 2026 reached nearly MOP$187.12 billion (US$23.16 billion), which is 3.2% higher than the same period last year.
Third-quarter GGR totaled MOP$60.21 billion (US$7.45 billion), a sequential decrease of 1.3% from the MOP$61.03 billion (US$7.55 billion) recorded in the second quarter.
Forecasts move lower across the analyst community
The September decline came even though Seaport Research Partners had previously suggested that customer visitation and agent activity showed some recovery in recent weeks. Industry analysts, however, have been lowering their FY26 forecasts because of general softness in the market.
Caution within the investment sector also extends to the trading outlook for the final quarter of the year and beyond.
In a memo issued on Monday, credit and market research provider CreditSights Inc said it “does not rule out” the possibility of “tighter regulatory scrutiny remaining an overhang” for the Macau gaming sector, mainly through weaker sentiment in the VIP segment.
Brokerage CLSA Ltd observed that “risks” regarding “consensus downward revision” of Macau-industry earnings had “escalated.” The firm had already trimmed its 2027 and 2028 forecasts for Macau earnings in mid-September.
The International Monetary Fund stated that the VIP segment of the city’s casino industry is expected to account for a relatively small share of overall gaming revenue over the medium term, although there are some signs of recovery.