Macau Casino GGR Falls 10% in October Despite Visitor Growth and Peak Hotel Occupancy
Macau posted MOP 21.68 billion in October casino GGR, a 10% YoY decline and the fifth straight monthly drop despite rising visitors and over 90% hotel occupancy. YTD GGR is up 1.6%, but full-year targets will require strong November and December results. Diversification and a shift from VIP play are cited as contributing factors.
SCCG Take — This performance highlights the risk that tourism growth alone will not drive GGR recovery. Macau operators face pressure to realign strategies toward the new visitor mix to meet budgeted targets.
Macau’s casino industry saw gross gaming revenue drop 10% year-on-year in October to MOP 21.68 billion ($2.69 billion). The decline occurred despite increased visitor arrivals during the National Day Golden Week and hotel occupancy rates exceeding 90%.
Figures released by the Gaming Inspection and Coordination Bureau show a MOP 2.4 billion ($297 million) decrease from the same month last year. Revenues did rise 20% month-on-month from September’s MOP 18.06 billion ($2.3 billion). This marks the fifth consecutive month of year-over-year declines.
2026 Revenue Trends and Annual Targets
The year opened strongly with 24% growth in January before turning negative in June with a 12.1% fall. Subsequent declines were 8.4% in July and 1.2% in both August and September. Year-to-date revenues remain 1.6% higher than the prior year.
Meeting the government’s MOP 236 billion ($29.2 billion) budget for the full year will require average monthly GGR of MOP 13.6 billion ($1.69 billion) in the final two months. That pace would still result in totals below 2025’s MOP 247.4 billion ($30.7 billion).
The Conversion Challenge for Macau Operators
A shift toward low-spending and non-gaming visitors, alongside the transition away from the VIP junket model, has contributed to the softness. External factors including rising fuel prices and geopolitical tensions have further constrained leisure spending. The NBA China Games held at The Venetian Macao also failed to lift revenues as hoped.
As reported by GamblingNews, Macau’s recovery is proving more challenging than expected. Revenues have not returned to pre-pandemic levels, and growing tourism does not automatically translate into higher casino takings.
The coming months will test the industry’s ability to convert higher visitor volumes into increased gaming spend while balancing diversification goals. Operators will need to adapt their offerings to the evolving tourist demographic to stabilize and grow revenues.
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