Macau’s gaming industry has started the year strong, with VIP baccarat proving to be a significant driver of growth. According to figures from the Gaming Inspection and Coordination Bureau (DICJ), the VIP baccarat segment generated approximately MOP19.56 billion (US$2.43 billion) in gross gaming revenue (GGR) during the first quarter of 2026. This represents a 35.4% increase compared to the same period last year, although it did see a slight sequential decline of 3.6% from the fourth quarter of 2025.

Despite this decline, the VIP segment has remained a dominant force in Macau’s overall gaming landscape, contributing 29.7% to the total GGR from games of fortune. This is a notable increase from the 25.1% contribution recorded in the first quarter of 2025, although slightly down from the 30.7% share seen in the final quarter of 2025.

Mass Baccarat Continues to Lead Macau’s GGR

While the VIP baccarat segment experienced substantial year-on-year growth, mass-market baccarat continues to be the cornerstone of Macau’s gaming revenues. According to GGRAsia, the mass-market baccarat segment generated MOP36.56 billion (US$4.54 billion) in GGR during the first quarter of 2026, up 6.5% from the same period last year. This represents a steady increase, with a 0.9% rise from the fourth quarter of 2025. Mass baccarat accounted for 55.5% of the overall GGR, down from 59.4% a year earlier, but still firmly in the lead.

Macau’s total industry GGR for the first quarter reached MOP66.04 billion (US$8.2 billion), marking a 14.3% increase compared to the same period in 2025. This growth is a positive sign for the city’s gaming market, which has been recovering from past challenges. However, it’s important to note that the growth from VIP baccarat has not been enough to surpass the peak numbers seen in 2013 when the junket-driven VIP baccarat segment generated a staggering MOP57.8 billion (US$7.22 billion) in GGR, representing 64.6% of total industry revenue.

Outside of baccarat, Macau’s other gaming categories showed varied performance. Slot machine GGR increased by 21.6% year-on-year, totaling MOP3.98 billion (US$494 million). This was also a slight increase of 9.6% compared to the previous quarter. The live multi-game electronic product category saw a modest 3.5% increase in GGR, reaching MOP1.26 billion (US$157 million), while football and basketball betting also had some traction. Football betting recorded MOP90 million (US$11.18 million), a 10% decline from the previous year, while basketball betting saw a 23.7% increase to MOP73 million (US$9.07 million).

Despite these mixed results, the overall revenue from mass-market baccarat continues to bolster the industry, while VIP baccarat’s contribution has shown improvement, albeit with fluctuations from the previous quarter.

Regulatory Efforts and the Path Forward

The overall growth in Macau’s gaming revenue comes amid a broader global push for more regulatory oversight. The DICJ continues to focus on ensuring that the gaming industry adheres to the region’s legal and regulatory framework. The first quarter results underscore the increasing significance of online gambling and electronic gaming, segments that have been experiencing significant growth over the past few years.

As the industry evolves, the DICJ’s calculations of GGR continue to differ from the figures reported by the individual concessionaires, who typically report VIP as a smaller portion of the total gaming revenues. However, despite this, the first-quarter results for 2026 suggest a healthy and recovering gaming sector, with diverse revenue streams continuing to support Macau’s economic landscape.