Good morning. Gains get harder. Macau’s GGR is forecast to grow just 5 percent in 2026 to around $32.2 billion, as weaker industrial profitability in China, softer per-visitor spending, and increased price competition limit further upside despite a strong first quarter. Meanwhile, in Cambodia, NagaCorp posted modest first-quarter gains, with GGR rising to $174.7 million, as stronger mass market activity—including higher table buy-ins and EGM play—was offset by declines in premium and referral VIP volumes.
What you need to know
- CLSA forecasts Macau GGR up 5 percent in 2026 as macro pressure and weaker per-capita spend offset strong early-year performance.
- NagaCorp posts 2.1 percent GGR growth in 1Q26 as strong mass market gains are offset by sharp declines in VIP segments.
On the radar
- G2E Asia, Asian IR Expo to return in May with 8,000 attendees expected.
- International Entertainment clears debt with DigiPlus subscription proceeds.
- New Zealand to focus on Online Casino Bill, ad restrictions to follow.
- Australia gambling ad curbs to cut spend by just 0.8%: government analysis.
- Goa civic movement expands, targets offshore casinos and land policy.
- Philippines gambling figure Atong Ang reportedly sighted in Vietnam.
AGB Intelligence
MACAU
CLSA flags limited upside for Macau GGR growth in 2026
CLSA forecasts Macau’s GGR will grow 5 percent year-on-year in 2026 to MOP260 billion ($32.2 billion), citing limited upside despite strong early-year performance. First-quarter revenue rose 14 percent, supported by premium segments, but weakening industrial profitability in China and rising oil prices are expected to dampen demand. Structural challenges, including lower per-visitor spend and increased competition among operators, are also weighing on the sustainability of growth.
Industry Updates
- Konami Gaming showcases core product innovations during IGA 2026.
- Zitro introduces the “Zitro Experience” to the Colombian market.
- BMM to spotlight testing and certification solutions at IGE 2026.
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