Macau Losing Streak Hits Four Months as September Casino Revenue Drops 1.2% to $2.23B

Macau casinos generated gross gaming revenue (GGR) of MOP 18.06 billion ($2.23 billion) in September 2026. The result marked the fourth consecutive monthly decline year-over-year, signaling that general softness among premium and high-roller gamblers is persisting in the world’s largest gaming hub.

Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ), reported Thursday that revenue from “games of fortune” fell 1.2% in September compared to the same month in 2025. After starting the year on a strong trajectory—with GGR up 10.9% year-over-year from January through May—the Chinese casino enclave has now stumbled for four consecutive months.

September represented Macau’s lowest monthly GGR total of 2026, dropping below June’s previous low of MOP 18.52 billion ($2.29 billion).

Through three quarters of 2026, Macau GGR totaled MOP187.11 billion (US$23.15 billion). The strong start kept year-to-date casino revenue 3.2% higher, but the final quarter will determine whether Macau can post a positive full-year outcome.

September’s Bad Beat

September is traditionally among the quietest months in Macau as summer travel winds down and consumers hold off on trips ahead of the Oct. 1–7 Golden Week holiday, which marks the founding of the People’s Republic of China.

However, September 2026 fell short of already modest expectations.

In early September, analysts projected strong year-over-year gains, with some GGR forecasts calling for up to 12% growth. As floor checks revealed sluggish table play throughout the month, brokerages scaled back predictions to marginal growth.

The final tally still missed revised consensus targets, with weaker-than-expected premium mass table drop largely blamed for the shortfall.

Macau’s Statistics and Census Service has not yet published September visitor arrival metrics, but travel volume remained steady through late summer. The agency reported that visitor arrivals grew 7.7% through the first eight months of the year, approaching 29 million total border crossings.

At the Global Gaming Expo (G2E) this week in Las Vegas, MGM Resorts CEO Bill Hornbuckle and Wynn Resorts CEO Craig Billings said their companies don’t put much weight on visitor numbers. The executives, whose companies are two of the six casino operators in Macau, say the city has moved even further towards the luxury segment, and general visitation doesn’t reflect how many premium and VIP players are in town.

October Rebound?

Hundreds of thousands of visitors from mainland China are traveling to Macau this week for the National Day holiday. Local tourism authorities project daily visitor arrivals to average 120,000 during Golden Week.

Those arriving are paying steep rates at luxury five-star properties. A three-night stay (Friday, Oct. 2, through Monday, Oct. 5) at Wynn Palace averaged $683 per night, while SJM Resorts’ Grand Lisboa Palace reached $592 per night and Melco Resorts’ Morpheus commanded $544 per night.

Several flagship integrated resorts reported 100% occupancy for the peak holiday weekend, including MGM Cotai, The Venetian Macao, and The Parisian Macao.

Despite heavy foot traffic, October faces a demanding comparison from a year ago, when casino win surged to MOP 24.08 billion ($2.98 billion).