Macau Casino Revenue Slips 1.2% to $2.23 Billion in September, a Fourth Straight Monthly Drop

Macau's casinos won MOP18.06 billion (about US$2.23 billion) in September, according to the Gaming Inspection and Coordination Bureau. That is 1.2% below September 2025, the fourth year-on-year decline in a row, and the lowest monthly total of the year, undercutting June's previous low of MOP18.52 billion. Compared with August's MOP21.89 billion, revenue fell 17.5%.

The first nine months are still ahead of last year, by roughly 3% to 4% depending on the tally used, but remain well under pre-pandemic 2019 levels. Analysts had hoped for a rebound after the June and July football World Cup disruption. Morgan Stanley expected third-quarter revenue to slip about 1%, CLSA trimmed its 2027 and 2028 forecasts in mid-September, and the IMF said VIP play is likely to stay a small share of revenue because of tighter junket rules.

Attention now turns to October. Authorities expect roughly 5.2 to 5.4 million border crossings during mainland China's National Day Golden Week, October 1 to 7. The fourth quarter will decide whether Macau can finish 2026 with positive full-year growth.