Macau casino revenue falls 1.2% in September, a fourth monthly drop

Macau's gross gaming revenue (GGR) for September 2026 was MOP18.06 billion, about US$2.23 billion, down 1.2% year on year, according to data from the gaming regulator DICJ reported by GGRAsia, AsGam and Casino.org. It was the fourth consecutive monthly year-on-year decline.

September was also the lowest monthly total of 2026 so far. It came in below June's MOP18.52 billion and about 17.5% below August, when GGR was MOP21.9 billion (about US$2.71 billion), also down 1.2% year on year but 8.1% above July. July itself was MOP20.3 billion, down 8.4% year on year.

January to September 2026 GGR was about MOP187.1 billion (about US$23.1 billion), up 3.2% year on year. The eight-month total to August was MOP169.1 billion, up 3.7%, so the cumulative gain has narrowed.

Reported causes include weaker-than-expected premium-mass table play. Some analysts also pointed to China tax enforcement on offshore assets and softer macroeconomic conditions.

Forecasts have been trimmed. J.P. Morgan cut its 2026 estimate to MOP249 billion, about 1% above 2025's MOP247.4 billion. Seaport expects a further 5% fall in the fourth quarter; it put third-quarter GGR down about 3.8% year on year.

For October, the comparison is demanding: the month must beat October 2025's MOP24.08 billion to end the losing streak. Authorities projected about 120,000 visitors a day over the Golden Week holiday, according to Casino.org.

Three figures frame the picture: the monthly low of MOP18.06 billion, the cumulative nine-month gain of 3.2%, and the October benchmark of MOP24.08 billion. The analysts' forecasts differ in size but point the same way, with J.P. Morgan's revised estimate implying only a small gain on 2025 and Seaport expecting a weaker fourth quarter.

In context: the year-to-date total is still ahead of last year, but the monthly trend since June has been softer.

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