Macau’s casino industry recorded a decline in gross gaming revenue (GGR) during the third quarter of 2026, primarily because of weaker mass-market baccarat performance. The segment generated MOP33.61 billion (US$4.17 billion), representing a 7.9% decrease from the same period last year.

According to figures released by the Gaming Inspection and Coordination Bureau (DICJ), total casino GGR reached approximately MOP60.22 billion (US$7.46 billion) between July and September, down 3.8% year-on-year and 1.3% from the previous quarter.

Mass baccarat, which includes premium mass play, also recorded a 4.4% quarterly decline. Its revenue reduction of MOP2.88 billion (US$357 million) exceeded the industry’s overall annual decrease, with stronger results in other gaming categories offsetting part of the losses.

The figures indicate uneven performance across Macau’s gaming segments, particularly between mass-market tables and VIP baccarat.

Mass-Market Gaming Accounts for Most Revenue Losses

Mass baccarat remained Macau’s largest individual gaming category, accounting for 55.8% of total casino GGR during the September quarter.

However, its contribution decreased from 58.3% in the corresponding period of 2025, reflecting weaker revenue from one of the industry’s principal sources of income.

Across the broader mass-market category, which includes slot machines and other non-VIP gaming activities, GGR fell 5.2% year-on-year to MOP43.31 billion (US$5.37 billion).

The segment also recorded a 4% decline compared with the second quarter.

Mass-market gaming represented 71.9% of total casino revenue, compared with 73% a year earlier.

The decrease came despite growth in slot machine revenue, which provided one of the stronger performances among the gaming categories.

Slots generated MOP4.09 billion (US$507 million), increasing 18.8% year-on-year, although revenue edged down 0.5% from the previous quarter.

The category’s share of total casino GGR increased from 5.5% to 6.8%.

Other electronic gaming products experienced weaker results. Live multi-game electronic gaming revenue declined 8% from the previous year to approximately MOP1.14 billion.

These figures show that the overall mass-market downturn largely reflected lower baccarat revenue, while slot machines continued to attract stronger spending than in 2025.

VIP Baccarat Recovers From Previous Quarter

VIP baccarat delivered a comparatively stable annual performance, generating approximately MOP16.91 billion (US$2.09 billion) during the three months ending September 30.

Revenue increased 0.1% year-on-year and 6.3% compared with the second quarter, when the segment had experienced an 18.8% sequential decline.

Despite the recovery, VIP baccarat revenue remained 13.6% below its first-quarter level.

The segment’s share of total casino GGR increased to 28.1%, compared with 26.1% in the second quarter and 27% during Q3 2025.

For the first nine months of 2026, VIP baccarat generated MOP52.38 billion (US$6.49 billion), representing annual growth of 9.9%.

That compares with the 15.2% increase recorded during the first half, indicating a moderation in cumulative growth.

The DICJ calculates VIP revenue according to how gaming tables are classified within Macau’s integrated resorts. Individual casino operators use different reporting methods and generally attribute a smaller proportion of gaming revenue to VIP activity.

Consequently, the regulator’s VIP figures may differ substantially from those disclosed by concessionaires in their financial reports.

Other Betting Activities Grow as Government Maintains Forecast

Outside casino gambling, Macau recorded higher revenue from sports betting during the third quarter.

Football betting GGR increased 49% year-on-year to MOP152 million (US$18.8 million), during a period that included the final stages of the 2026 FIFA World Cup, which concluded on July 19.

Basketball betting revenue also improved, rising 4.8% to MOP44 million (US$5.5 million).

The casino industry’s weaker quarterly performance comes amid concerns about market conditions, including China’s capital controls and the effects of the World Cup on gambling activity.

Macau’s gaming outlook has attracted additional attention as the industry enters the final months of 2026.

Nevertheless, Chief Executive Sam Hou Fai recently confirmed that the government had given no consideration to reducing its annual GGR forecast of MOP236 billion (US$29.2 billion).

According to Inside Asian Gaming, the September-quarter results leave the industry facing softer mass baccarat revenue, although the sequential recovery in VIP play and annual growth in slot machine earnings provided some support.

The remaining quarter will determine how closely Macau’s full-year casino performance aligns with the government’s existing revenue benchmark.