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Macau Q1 revenue driven by baccarat, mass market growth

Games of fortune continue to dominate as casino numbers remain stable.

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Key Points
Q1 2026 total gross gaming revenue at MOP66bn (US$8.19bn)
March GGR rose 15% year-on-year to MOP22.61bn
Mass and VIP baccarat accounted for the bulk of casino revenue

Macau’s gross gaming revenue reached MOP66.0bn in the first quarter of 2026, according to data released by the Gaming Inspection and Coordination Bureau. Of that total, games of fortune accounted for MOP65.9bn, underscoring their central role in the territory’s gaming economy.

Baccarat remained the dominant revenue driver. Mass baccarat generated MOP36.6bn during the quarter, while VIP baccarat contributed MOP19.6bn. Combined, the two segments delivered approximately MOP56.2bn, representing the overwhelming majority of gaming revenue.

Slot machines added MOP3.98bn in gross revenue, while blackjack contributed MOP722m. Other table games such as roulette, cussec, live multi game and three-card variants generated smaller but steady returns.

Outside the casino sector, sports lottery football recorded MOP90m in revenue during the quarter, while basketball contributed MOP73m. Chinese lottery revenue totaled MOP4m. Betting turnover from pari-mutuel and lottery activities reached MOP1.76bn in Q1, led by football at MOP1.04bn and basketball at MOP702m.

Operational capacity remained unchanged. As of the end of the quarter, Macau had 20 licensed casinos in operation, supported by 6,000 gaming tables and 12,000 slot machines.

The figures reflect continued concentration of revenue in core table gaming activities, particularly baccarat, while non-casino lottery and sports betting activities represent a comparatively small portion of the overall gaming market.

March closed the quarter on a strong note, with GGR rising 15% year-on-year to MOP22.61bn, compared with MOP19.66bn a year earlier. January recorded MOP22.63bn, up 24%, while February reached MOP20.63bn, up 4.5% despite softer Lunar New Year demand and an 8.9% month-on-month dip from January. 

Good to know

Macau had 20 operating casinos, 6,000 gaming tables and 12,000 slot machines at the end of the first quarter of 2026

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