Macau’s casinos generated MOP21.68 billion in gross gaming revenue in October, a 10.0 percent drop on the same month last year, even though the month contained the mainland’s National Day Golden Week holiday.
The monthly table published on Sunday by the Gaming Inspection and Coordination Bureau (DICJ) puts October gross gaming revenue (GGR) at MOP21,680 million, against MOP24,086 million in October 2025. That leaves the month about MOP2.4 billion short of last year’s level. In US dollar terms, October’s takings came to around US$2.7 billion.
The figure did mark a clear improvement on September, when the city’s casinos took MOP18,063 million. October revenue was therefore 20.0 percent higher month-on-month.
Fifth straight monthly decline
October is the fifth month in a row in which Macau GGR has come in below the prior year’s level. After growth in each of the first five months of 2026, led by a 24.0 percent jump in January, the DICJ table shows declines of 12.1 percent in June, 8.4 percent in July, 1.2 percent in both August and September and now 10.0 percent in October. Of the ten months reported for 2026, only June saw a steeper annual drop.
Part of the pressure comes from the base. October 2025 was the strongest month of last year up to that point, at just over MOP24 billion. GGRAsia noted that the fall came despite the Golden Week break, normally one of the busiest periods for mainland visitors to the city. AsGam also pointed to the NBA China Games held at The Venetian Macao early in the month as one of the events that supported October’s sequential rebound.
The result lands well below where analysts had pitched it. In early October, CLSA kept its October forecast at MOP24.1 billion, flat on the year, and said market forecasts ranged from a 3.5 percent decline to 4 percent growth. The actual outcome fell outside that range. GGRAsia also cited an October 17 note from CICC that saw “no clear near-term inflection point” in Macau GGR or in sector profitability.
Year-to-date growth narrows to 1.6 percent
Cumulative GGR for January to October reached MOP208,796 million, up 1.6 percent on the MOP205,427 million recorded in the first ten months of 2025. That cushion has been shrinking steadily since the spring, when year-to-date growth stood above 10 percent.
The softer second half follows a weak third quarter. As agbrief reported, casino GGR fell 3.8 percent year-on-year in the July to September period, with mass baccarat down 7.9 percent.
The government’s 2026 budget is built on full-year GGR of MOP236 billion. Based on the DICJ’s cumulative figure, the city’s casinos would need a combined MOP27.2 billion across November and December to reach that level. According to GGRAsia, Chief Executive Sam Hou Fai said on October 10 that the October performance would likely be crucial in determining whether the target could be met.
