Macau’s gross gaming revenue (GGR) fell 12.1 per cent year-on-year in June 2026 to MOP18.52 billion ($2.30 billion), according to figures released by the Gaming Inspection and Coordination Bureau (DICJ). The monthly result also declined 18.1 per cent from May’s MOP22.61 billion ($2.80 billion), as the FIFA World Cup weighed on Macau gaming demand and casino spending.
The latest Macau GGR figures were broadly in line with analyst expectations, after several investment banks warned that gaming revenue growth could weaken in June and July due to the expanded FIFA World Cup.
FIFA World Cup weighs on Macau gaming demand
Analysts said the FIFA World Cup 2026 has had a greater impact on Macau casino revenue than previous major football tournaments due to its expanded format. The competition features 104 matches, compared with 64 matches during the 2018 FIFA World Cup and 51 matches at Union of European Football Associations (UEFA) Euro 2024.
The extended schedule has diverted consumer attention and discretionary spending away from Macau casinos, particularly among premium gaming customers. Earlier in June, Morgan Stanley warned that Macau GGR growth could turn negative during the World Cup period as gaming activity slowed across key customer segments.
Citigroup’s recent market survey highlighted weakness in Macau’s premium mass gaming segment. The survey found premium mass wagers fell 38 per cent year-on-year during June, while both player volumes and average wager sizes declined. The findings suggest that higher-value customers reduced gaming activity during the tournament.
Strong May performance gave way to June slowdown
The weaker June result followed a strong performance in May, when Macau GGR rose 6.7 per cent year-on-year to MOP22.61 billion ($2.80 billion).
May casino revenue benefited from strong tourism demand during mainland China’s five-day Labour Day holiday. Macau welcomed approximately 873,000 visitors during the holiday period, helping drive higher casino traffic, hotel occupancy and spending across the city’s integrated resorts.
The contrast between May and June highlights the short-term impact major sporting events can have on Macau gaming revenue, particularly when they coincide with seasonal travel periods.
First-half Macau GGR remains higher year-on-year
Despite the June decline, Macau’s gross gaming revenue continued to grow in the first half of 2026. Macau GGR reached MOP126.90 billion ($15.74 billion) during the first six months of the year, representing growth of 6.8 per cent compared with the same period in 2025.
However, Macau gaming revenue remains below pre-pandemic levels. First-half 2026 GGR was still 15.1 per cent lower than the MOP149.50 billion ($18.54 billion) generated during the corresponding period in 2019.
June included the Dragon Boat Festival holiday from 19 June to 21 June, providing support for Macau’s tourism sector. More than 380,000 visitors arrived in Macau during the three-day holiday period as public holidays in Macau, Hong Kong and mainland China encouraged cross-border travel. While visitor numbers remained healthy, the increase in tourism was not enough to offset softer gaming demand linked to the World Cup.
Analysts remain cautious on Macau GGR outlook
Morgan Stanley recently reduced its forecast for full-year Macau GGR growth in 2026 to approximately 5.3 per cent, below broader market expectations of around 6 per cent. The bank expects gaming revenue growth to remain modest during the second half of the year as casino operators contend with higher operating costs and softer demand trends.
Industry analysts are also closely monitoring profitability across Macau’s casino sector, with earnings growth expected to lag revenue growth amid persistent cost pressures.
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