Macau’s gross gaming revenue (GGR) fell 10% year-on-year to MOP$21.68 billion ($2.68 billion) in October, marking the fifth consecutive month of decline, according to data from the Gaming Inspection and Coordination Bureau (DICJ).
The October decline was the second-largest recorded so far this year, following a 12.1% year-on-year drop in June. However, revenue increased 20% from September’s MOP$18.1 billion, supported by China’s National Day Golden Week holiday and events including the NBA China Games at The Venetian Macao early in the month.
Despite the monthly rebound, October’s GGR remained below the level recorded in the same month last year.
For the first 10 months of 2026, Macau’s cumulative GGR reached MOP$208.79 billion ($25.89 billion), up 1.6% year-on-year.
The latest figures come as Macau faces questions over whether it can meet its full-year GGR target of MOP$236 billion. Chief Executive Sam Hou Fai said on October 10 that October’s revenue performance would be crucial in determining whether the city could achieve the target.
CreditSights said Macau could still reach the annual goal, estimating that the market would need average monthly GGR of MOP$16.3 billion in the fourth quarter to meet it.
However, analysts have continued to flag weakness in gaming demand and profitability. In an October 17 note, China International Capital Corporation Hong Kong Securities Ltd (CICC) said there was “no clear near-term inflection point” in either Macau GGR or sector profitability.
The brokerage added that investors might have underestimated the weakness in gaming demand.
UBS also described analysts’ consensus expectations for October GGR as “challenging”, noting that the daily revenue run-rate had moderated from approximately MOP$1.0 billion during the first four days of the Golden Week holiday.
Macau’s gaming industry generated MOP$60.4 billion in GGR during the third quarter, down 3.7% year-on-year and 1.3% quarter-on-quarter. The decline was mainly attributed to softer premium mass revenue.
Truist Securities has warned that operators targeting the base mass market could face more prolonged headwinds, as the segment has been the slowest to recover since the COVID-19 pandemic.
Analysts expect Macau’s gaming operators to continue facing challenges, although conditions may be less severe than those experienced during the third quarter. Comparisons are also expected to become easier in 2027.