Macau’s gross gaming revenue (GGR) rose 15% year-on-year in March 2026 to MOP22.61bn, according to data released by the Gaming Inspection and Coordination Bureau (DICJ), closing the first quarter on a strong note.
The March figure compares with MOP19.66bn in March 2025, when growth was a modest 0.8%. The latest result reflects a clear acceleration in momentum, reinforcing expectations that 2026 will deliver steady incremental gains despite structural changes in visitor behavior.
With January posting MOP22.63bn, up 24% year-on-year, and February recording MOP20.63bn, up 4.5%, total first-quarter GGR reached MOP65.87bn. That represents a 14.3% increase over the MOP57.66bn recorded in the same period last year.
The result extends a broader normalization trend that saw industry revenue grow 9.1% in 2025, with monthly GGR consistently holding above the MOP20bn mark.
Macau GGR March 2026 (in MOP billion)
How does this compare to recent months?
March’s rebound is particularly notable given February’s uneven performance. While February marked the strongest February result since 2020, revenue declined 8.9% month-on-month from January due to softer-than-expected Lunar New Year demand.
Average daily revenue in February was approximately MOP740m, about 81% of 2019 levels, with mid-month holiday volumes underperforming earlier projections. Investment banks had revised February forecasts downward before late-month activity helped stabilize the final figure.
By contrast, March’s MOP22.61bn represents a return to the stronger trajectory seen in January. On a monthly basis, March rose approximately 9.6% from February, signaling renewed momentum in both mass and premium segments.
Looking back further, first-quarter 2025 growth was just 0.6% year-on-year, underscoring how significantly the pace has improved in early 2026.
Market drivers and sector dynamics
January’s strong start was attributed to favorable currency dynamics, improved VIP play, and sustained mass-market demand from mainland Chinese visitors. Salary increases and bonuses announced earlier this year by major concessionaires also reflected improving operating conditions and ongoing competition for labor.
However, while top-line growth has strengthened, margin pressure remains an area of focus. Late 2025 earnings reports indicated that EBITDA growth has lagged revenue expansion due to higher operating and reinvestment costs. Analysts continue to monitor promotional spending and cost discipline across operators.
Sector observers also note that with fewer regional expansion opportunities, attention is shifting toward capital allocation strategies, dividend policies, and cash flow stability.
Outlook for the remainder of 2026
Industry expectations remain centered around a monthly GGR average of approximately MOP20bn for the year. The first quarter’s 14.3% growth suggests upside potential, though analysts caution that visitor spending patterns are evolving, with a stronger emphasis on diversified, non-gaming experiences.
At MOP65.87bn, first-quarter 2026 GGR stands at roughly 82% to 85% of comparable 2019 levels, indicating continued recovery without a full return to pre-pandemic peaks.
If March’s performance signals sustained momentum rather than a short-term rebound, Macau’s gaming sector appears positioned for another year of stable, moderate expansion.
First-quarter 2026 GGR stands at roughly 82%–85% of comparable 2019 levels, highlighting continued recovery without a full return to pre-pandemic peaks
