TLDR
- Macau’s casino gross gaming revenue was MOP$21.68 billion (US$2.69 billion) in October, down 10% from a year earlier.
- October revenue rose 20.02% from September, helped by Golden Week and the NBA China Games.
- Revenue from January to October reached MOP$208.79 billion (US$25.89 billion), up 1.6% from 2025.
- Third-quarter revenue fell 3.7% year over year, mainly due to softer premium mass revenue.
- Truist Securities said operators focused on the base mass market could face a longer recovery.
Macau’s casinos earned MOP$21.68 billion (US$2.69 billion) in gross gaming revenue in October. That is 10% less than the same month last year, according to the Gaming Inspection and Coordination Bureau.
The result was better than September, though. October revenue rose 20.02% from the month before.
The monthly gain came during the National Day Golden Week holiday. The NBA China Games, held at The Venetian Macao early in the month, also took place in October.
Even with those events, revenue did not reach the level recorded in October 2025.
Monthly Gain Follows a Weak September
September’s gross gaming revenue was MOP$18.1 billion (US$2.24 billion). That figure set the base for October’s month-on-month increase.
The two comparisons show different sides of the market. October beat the month before it but fell short of the year before.
Analysts had warned ahead of the results that Macau operators would keep facing headwinds. They expected conditions to improve from a difficult September quarter, not for the pressure to end right away.
Government data shows industry revenue for the third quarter was MOP$60.4 billion (US$7.47 billion). That was down 3.7% from a year earlier and down 1.3% from the previous quarter.
Softer premium mass revenue was the main reason for the quarterly drop. Both the quarterly and monthly results came in below their year-earlier levels.
Year-to-Date Total Still Ahead of 2025
From January to October, Macau’s total gaming revenue reached MOP$208.79 billion (US$25.89 billion). That is 1.6% higher than the same period in 2025.
October’s annual decline cut into those gains. Still, the 10-month total remains above last year’s level.
That year-to-date growth does not change October’s own result. The month finished above September but below October 2025.
Analysts expect headwinds to be milder than they were in the September quarter. They point to easier comparisons as the market moves into 2027.
That forecast applies to the market overall. It does not mean every operator will recover at the same speed.
Truist Securities recently said some casino operators could face longer difficulties than others. It pointed to businesses built to serve the base mass market.
According to Truist, the base mass segment has been the slowest part of Macau’s gaming market to recover since COVID.
Truist said that means properties focused on those customers may face a harder path, even with easier comparisons ahead.
