Macau Casino GGR Falls 1.2% To MOP18.06 Billion In September

Macau casino revenue fell for a fourth straight month on an annual basis in September, adding another weaker result before the industry enters the final quarter of 2026.

Good to Know

• September GGR reached MOP18.06 billion ($2.23 billion), down 1.2% year on year.
• Third quarter casino revenue reached MOP60.21 billion, 1.3% below the second quarter.
• September produced the lowest monthly Macau GGR total of 2026.

Macau GGR Declines Again In September

Macau casinos generated MOP18.06 billion in gross gaming revenue during September, according to Gaming Inspection and Coordination Bureau data. Revenue fell 1.2% from September 2025 and 17.5% from August 2026.

The September decline followed annual falls in June, July and August, extending the current run to four months.

Quarterly figures also softened. Macau casino GGR reached MOP60.21 billion during the third quarter, down 1.3% from MOP61.03 billion in the second quarter.

Even so, the first nine months remained ahead of the same period in 2025. GGRAsia reported nine month GGR of nearly MOP187.12 billion, up 3.2% year on year. Other reports citing DICJ data list the cumulative total at MOP181.34 billion, so the year to date figure carries a source discrepancy.

Investor caution has increased alongside the recent revenue declines. CreditSights said it “does not rule out” the possibility of “tighter regulatory scrutiny remaining an overhang” for Macau gaming, particularly for VIP customer sentiment.

CLSA also warned that risks around a “consensus downward revision” to Macau industry earnings had “escalated”. The brokerage had already reduced its Macau GGR forecasts for 2027 and 2028 during September.

The revenue mix remains important as Macau heads into 2027. The International Monetary Fund expects VIP gaming to represent a relatively small portion of overall casino revenue over the medium term despite signs of recovery.

The IMF also said Macau still relies heavily on gaming and tourism, while casino revenue remains below the pre pandemic peak. Regulatory changes, stronger anti money laundering controls and changing visitor spending patterns have altered the market structure.

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