Macau Q3 gaming revenue slips 3.7% to MOP$60.4bn as mass baccarat weakens

Macau's casino industry generated combined gross gaming revenue of MOP$60.4 billion, or US$7.47 billion, in the third quarter of 2026, according to data from the Gaming Inspection and Coordination Bureau (DICJ). That was 3.7% lower than in the same period last year and 1.3% below the June quarter.

Mass baccarat was the main drag on results. Its revenue fell 7.9% year on year to MOP$33.6 billion, or US$4.16 billion, and was down 4.4% compared with the previous quarter. The DICJ's mass baccarat figure combines mass and premium mass play, so the decline cannot be attributed to premium mass alone. The category weakened more sharply than the overall market in both comparisons.

VIP baccarat showed a different pattern. Revenue of MOP$16.9 billion, or US$2.09 billion, was unchanged from a year earlier and rose 6.3% against the June quarter.

IAG, whose reporting is the source of the figures, cautioned that the regulator's VIP numbers should not be compared directly with those published by individual operators. The DICJ calculates VIP revenue based on how certain gaming tables within the integrated resorts are segmented, while the concessionaires classify it differently. As a result, VIP makes up a much smaller share of concessionaire income than the regulator's data implies.

The revenue outlook for Macau has been subdued in recent months. The report cites the football World Cup in North America and China's capital controls among the factors weighing on the market. Even so, Chief Executive Sam Hou Fai recently said the government had not considered lowering its 2026 gaming revenue forecast. The benchmark stays at MOP$236 billion, or US$29.2 billion.