Macau Casino GGR Falls 1.2% in September as Downward Trend Continues

Macau casino gross gaming revenue (GGR) fell 1.2% in September to MOP18.06 billion, equivalent to $2.23 billion. It represented the 4th straight month of year-over-year fall for Macau’s casino industry.

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The statistics had been released on Thursday by the Gaming Inspection and Coordination Bureau (DICJ) in Macau. Even with the decline in September, overall GGR in the 9 months of 2026 witnessed a rise of 3.2% year-over-year.

The gambling industry of Macau earned GGR worth MOP187.12 billion between January and September. This indicates that the gambling income of the year was above 2025 levels despite the latest numbers indicating a steady drop.

September Decline Extends to 4 Months

September GGR reached MOP18.06 billion, placing it 1.2% lower than the figure reported in September 2025. The monthly result continued a pattern that has now lasted for 4 consecutive months.

The DICJ data showed that Macau’s gaming sector has experienced year-on-year declines during each month of the latest 4-month period. The September figure added to concerns about trading conditions heading into the final quarter of 2026.

The result follows a weaker period for casino revenue after the year-to-date total had remained positive. The 3.2% increase recorded over the first 9 months was supported by earlier results, while the latest figures showed a slowing trend.

September also affected the quarterly performance of Macau casinos. Total GGR for the 3rd quarter reached MOP60.21 billion. The 3rd-quarter total was 1.3% lower than the MOP61.03 billion reported in the 2nd quarter. This represented a sequential decline in casino GGR between the 2 quarters.

Investors Remain Cautious

The latest revenue result came as investment-sector attention turned to Macau’s outlook for the final quarter of the year and the period beyond 2026. Market research firms and brokerages have highlighted concerns about the gaming sector’s future earnings.

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CreditSights Inc. said tighter regulatory scrutiny could remain an issue for Macau gaming. The credit and market research provider said the impact would likely be felt through weaker sentiment among VIP customers rather than a direct effect on casino GGR.

The firm said funding channels for gambling in Macau are already under strict controls. However, additional regulatory pressure could still influence the confidence of high-spending casino customers.

Brokerage CLSA Ltd. also said the risk of downward revisions to consensus forecasts for Macau gaming earnings had increased. The firm had already reduced its 2027 and 2028 forecasts for Macau earnings in mid-September.

The outlook discussed by CreditSights and CLSA reflects concerns about the performance of the Macau gaming industry following the latest monthly decline.

VIP Segment Remains Limited

The International Monetary Fund, or IMF, said in a Macau report released Tuesday that the VIP segment is expected to remain a relatively small part of overall gaming revenue over the medium term.

The IMF noted that the VIP market has shown some signs of recovery. However, it said the broader casino industry has shifted toward the mass-market segment since the COVID-19 pandemic.

The institution said stricter rules for junket operators following the 2022 gaming-law reforms have affected the market environment for VIP gaming. These rules included tighter licensing requirements, limits on credit provision, and enhanced anti-money laundering and countering the financing of terrorism measures.

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Source: GGR Asia