Macau GGR Declines 10 Percent in October to MOP21.68 Billion as Fifth Consecutive Drop Misses Forecasts

Macau casinos generated MOP21.68 billion in gross gaming revenue during October 2026. The Gaming Inspection and Coordination Bureau released figures showing this total reflects a 10 percent drop from MOP24,086 million in October 2025 and falls short by about MOP2.4 billion. In US dollar terms the takings reached around US$2.7 billion.

The October result improved on the prior month but extends a run of annual declines. Revenue rose 20.0 percent from September when casinos recorded MOP18,063 million. The month marked the fifth straight period of year-on-year contraction after growth across the first five months of 2026 that included a 24.0 percent increase in January.

Fifth Straight Monthly Decline

Declines registered 12.1 percent in June, 8.4 percent in July, 1.2 percent in August, 1.2 percent in September and 10.0 percent in October. Only June produced a steeper annual drop among the ten months reported for 2026. The October base was elevated because the same period in 2025 delivered the strongest month of that year to date at just over MOP24 billion.

The fall occurred despite the Golden Week holiday that typically draws mainland visitors and events including the NBA China Games held early in the month at The Venetian Macao. Analysts had projected stronger outcomes. CLSA maintained an October forecast of MOP24.1 billion that implied flat performance on the year while market estimates ranged from a 3.5 percent decline to 4 percent growth. The actual result landed outside that range. A note from CICC cited in the coverage saw no clear near-term inflection point in Macau GGR or sector profitability.

Year-to-Date Growth Narrows to 1.6 Percent

Cumulative GGR from January to October reached MOP208,796 million, up 1.6 percent from MOP205,427 million in the comparable period of 2025. That year-to-date cushion has narrowed steadily since exceeding 10 percent in the spring. The softer second half follows a third quarter in which GGR fell 3.8 percent year-on-year and mass baccarat declined 7.9 percent.

The Macau government 2026 budget assumes full-year GGR of MOP236 billion. Based on the ten-month total the casinos must generate a combined MOP27.2 billion in November and December to meet the target. Chief Executive Sam Hou Fai stated on October 10 that October performance would prove crucial to determining whether that level remains attainable. The coverage appears in Asia Gaming Brief.