Macau’s gross gaming revenue fell 10% year on year in October 2026, despite a 15.5% increase in visitor numbers during China’s National Day Golden Week. The figures point to a gap between higher footfall and casino spending, with pressure on higher-value gambling segments continuing to shape the market.
October GGR was MOP21.68bn (£2.00bn), down from MOP24.09bn (£2.23bn) in the same month of 2025. Revenue nevertheless rose 20% from September, extending a recovery that had been under way after a shift in high-stakes player engagement away from casino tables and towards sports betting around the World Cup.
More visitors, lower annual revenue
Approximately 1.14 million visitors entered Macau during the seven-day Golden Week holiday, a year-on-year increase of 15.5%. The annual GGR decline, despite the holiday’s importance to the market, raises questions about visitor spending and the weakening of higher-value gambling activity.
Macau’s revenue recovery remains ongoing, but October’s month-on-month gain did not offset the year-on-year drop. The figures underscore the challenge for casino operators as the market adjusts to changing player behaviour and a reshaped operating environment.
Sector faces structural changes
Macau is seeking to reduce its economic reliance on gaming, with a goal of generating around 60% of GDP from non-gaming activities by 2030. At the same time, authorities are tightening controls over VIP and junket channels. Gaming remains a major focus for the region, however, and policymakers recognise its role in driving economic growth.
Changes to the region’s Gaming Law accelerated the restructuring of the casino sector. In December 2025, the previous profit-sharing model between casino concessionaires and satellite casino operators ended. The change led to 11 satellite casino closures, altering the operating landscape for several established casino groups and strengthening government oversight.
Galaxy has emerged as the closest competitor to Sands China. In the first half of 2026, Galaxy’s mass GGR increased 12% year on year, while its VIP GGR fell 32% in the second quarter alone.
