Macau October gaming revenue falls 10% year on year despite higher visitor arrivals

Macau's casinos took in MOP 21.68 billion ($2.69 billion) in gross gaming revenue in October, according to figures from the Gaming Inspection and Coordination Bureau (DICJ). That compares with MOP 24.09 billion ($2.99 billion) in October 2025, a fall of 10%, or about MOP 2.4 billion ($297 million). The result came even though the National Day Golden Week holiday, traditionally one of the busiest periods in the region, brought in large numbers of visitors.

On a monthly basis the picture was better. September revenue stood at MOP 18.06 billion ($2.3 billion), so October's figure represents an increase of around 20%, which suggests a modest recovery. Even so, October was the fifth consecutive month of year-on-year decline for the market. The year began strongly, with GGR up 24% in January, but the trend turned in June with a 12.1% drop. The decline eased to 8.4% in July and 1.2% in both August and September before widening again in October.

The comparison base made the result harder, as October 2025 had been a record month. This year's Golden Week did not meet expectations, and the NBA China Games held at The Venetian Macao in early October did not have a meaningful effect on revenue. The weak takings are notable because visitor numbers were higher year on year and hotel occupancy exceeded 90% on the busiest days.

Despite the recent slide, revenue for the year to date is still 1.6% ahead of the same period in 2025. The Macau government's 2026 budget assumes annual GGR of MOP 236 billion ($29.2 billion). Reaching that would require roughly MOP 13.6 billion ($1.69 billion) per month in November and December. Even if that target is met, the total would fall short of the MOP 247.4 billion ($30.7 billion) recorded in 2025.

Analysts link the soft performance to a rise in low-spending tourists and non-gaming visitors, as Macau works to diversify its tourism offering. External factors, including rising fuel prices and uncertainty over US involvement in Iran, have also weighed on leisure spending among Chinese consumers. The move away from the VIP junket model carries costs too, and returns on non-gaming investment remain an open question. Revenue has not returned to pre-pandemic levels, and the latest figures show that growth in tourism does not automatically translate into higher casino takings.