Despite the year-on-year decline, gross gaming revenue rose by 8 percent month-on-month following two straight months of sluggish performance
Macao’s casino revenue was down 1.2 percent in August
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Macao’s gambling industry generated a gross gaming revenue (GGR) of 21.89 billion patacas (US$2.71 billion) in August 2026, down 1.2 percent against the 22.16 billion patacas (US$2.74 billion) logged a year earlier.
August’s year-on-year decline contradicted the expectations of analysts. Seaport, for example, predicted a GGR of 23.16 billion patacas, while CLSA expected a rise of 1.3 percent.
Month-on-month, August’s earnings represent a rise of 8.05 percent, according to data published by Macao’s Gaming Inspection and Coordination Bureau on 1 September 2026.
What was the reason behind Macao’s month-on-month casino revenue growth in August 2026?
The month-on-month GGR growth recorded in August 2026 comes after a slowdown in casino earnings in June and July 2026.
In June, Macao casino revenue reached 18.52 billion patacas (US$2.29 billion), a 12.1 percent decrease year-on-year, and an 18 percent dip month-on-month. Meanwhile, July’s GGR of 20.26 billion patacas (US$2.51 billion) marked a decline of 8.4 percent year-on-year, but an increase of 9.39 percent month-on-month.
Analysts such as Jeffrey Kiang and Evan Wan of brokerage firm CLSA have pointed to the 2026 FIFA World Cup as a contributor to Macao’s sluggish GGR during those two months, diverting bets away from local casino floors.
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In notes published in June 2026, Citigroup analyst, George Choi, said the SAR’s casino revenue also experienced a decline during the 2018 FIFA World Cup and 2016 UEFA Euro.
“If history repeats itself, this year’s major soccer tournament could have a more severe impact due to its new format and the unprecedented 104 total matches,” he noted.
On top of diverting gamblers away from Macao’s casinos, the 2026 World Cup also led to a delay in Macao’s summer break visitor surge.
On 21 August 2026, Macao Government Tourism Office (MGTO) director, Maria Helena de Senna Fernandes explained that even though tourist numbers were “satisfactory” this summer, they were “slow to warm up” due to “FIFA World Cup fever.”
How much GGR has Macao recorded in the first eight months of 2026?
In total, Macao recorded a cumulative GGR of 169.05 billion patacas (US$20.96 billion) between January and August 2026. This number marks a rise of 3.7 percent year-on-year.
What’s the gambling revenue forecast for the remainder of 2026?
Looking ahead, analysts believe the recovery will continue although they have downgraded their overall GGR forecasts. Seaport Research Partners analyst, Vitaly Umansky, predicted a year-on-year rise of 11 percent in September in notes cited by gaming specialist publication GGR Asia.
Umansky added that Macao’s GGR in the third quarter is predicted to jump by 1.8 percent year-on-year, with a 3.2 percent rise forecast for the fourth quarter.
As for the entirety of 2026, the Macao government is expecting GGR to total 236 billion patacas (US$29.27 billion), a rise of 3.5 percent in comparison to the revised 2025 forecast. By contrast, Jefferies and Seaport believe the GGR growth for 2026 could reach as high as 7 percent year-on-year.
Irrespective of the projected growth rate, Macao’s GGR growth estimates for 2026 still fall short of the 292.46 billion patacas (US$36.27 billion) recorded during pre-pandemic 2019.
