Macau Losing Streak Hits Four Months as September Casino Win Falls 1.2% to $2.23B

Macau casinos generated gross gaming revenue (GGR) of MOP18.06 billion (US$2.23 billion) in September 2026. The result marked the fourth consecutive monthly decline year-over-year and suggests the general softness in demand from premium and high roller gamblers is persisting in the world’s richest casino market.

Macau’s gaming regulatory division, the Gaming Inspection and Coordination Bureau, reported today (Oct. 1) that revenue from “games of fortune” was 1.2% lower in September 2026 than it was in September 2025. After starting the year strong, with January through May GGR 10.9% higher than the prior year, China’s casino enclave has stumbled for four straight months.

September was Macau’s lowest monthly GGR mark this year, surpassing June’s result of MOP18.52 billion (US$2.29 billion).

Through three quarters of 2026, Macau GGR totaled MOP187.11 billion (US$23.15 billion). The strong start kept year-to-date casino revenue 3.2% higher, but the final quarter will determine whether Macau can post a positive full-year outcome.

September’s Bad Beat

September is traditionally among the slowest months in Macau, as summer vacations wrap and consumers put travel on hold before the Oct. 1-7 Golden Week holiday, which celebrates the founding of the People’s Republic of China.

September 2026, however, underperformed against already meek expectations.

In early September, analysts projected that September would be considerably better than September 2025, with GGR forecasts as high as 12% year-over-year growth. As the month progressed and floor checks reported lackluster play, analysts scaled back their estimates to marginal growth.

The actual result still came up short, with weaker-than-expected premium mass table play largely blamed for the disappointing revenue.

Macau’s Statistics and Census Service has not yet released September numbers for visitor arrivals, but through August, demand has been strong. The government agency previously disclosed that visitor arrivals climbed 7.7% during the first eight months to nearly 29 million border crossings.

At the Global Gaming Expo (G2E) this week in Las Vegas, MGM Resorts CEO Bill Hornbuckle and Wynn Resorts CEO Craig Billings said their companies don’t put much weight on visitor numbers. The executives, whose companies are two of the six casino operators in Macau, say the city has moved even further towards the luxury segment, and general visitation doesn’t reflect how many premium and VIP players are in town.

October Rebound?

Hundreds of thousands of mainlanders are expected to pour into Macau this week for Golden Week. The city is projecting 120,000 daily visitor arrivals.

Those who are visiting are staying at Macau’s five-star luxury properties, as remaining room inventory is going for premium rates. A three-night stay (Friday, Oct. 2, through Monday, Oct. 5) at Wynn Palace is $683 a night, SJM Resorts’ Grand Lisboa Palace is $592, and Melco Resorts’ Morpheus is $544.

Several properties are sold out for the three nights, including MGM Cotai, The Venetian, and Parisian.

October faces a difficult GGR comparison, as casino win totaled MOP24.08 billion (US$2.98 billion) a year ago.