Zhonglu Zeng, President of the Asia-Pacific Association for Gambling Studies (APAGS), said high-end gaming consumption has become the primary force behind Macau’s ongoing recovery, following the release of April gaming data, as reported by Macao Daily.
Macau’s gross gaming revenue rose 5.5% year over year in April to MOP 19.89bn, though it declined 12% from March in line with seasonal trends. Zeng noted that April is typically a softer month as some travelers postpone trips until the May Day holiday. Average daily revenue stood at about MOP 660m.
Despite mounting external uncertainties and the mainland Chinese economy not yet fully rebounding, Zeng described the overall trajectory as a stable upward climb. He pointed to first-quarter figures showing VIP baccarat revenue increasing 35% year over year, compared with a 6.5% rise in mass-market baccarat.
According to Zeng, much of the mass segment’s growth was driven by premium mass players, with a relatively small number of high-net-worth customers contributing the bulk of revenue and profits. He said this reflects a broader global consumption pattern, where wealthier individuals remain less sensitive to economic fluctuations, while middle-income consumers are still rebuilding confidence.
Zeng also emphasized Macau’s structural advantage in serving affluent clientele. With VIP operations now largely managed directly by concessionaires, the city retains its long-developed expertise, service talent and infrastructure tailored to high-end players.
Looking ahead, he expects moderate growth momentum to continue over the next one to two years, particularly as Macau further refines its focus on premium services. However, he cautioned that a rapid return to pre-2019 revenue levels would remain challenging in the near term.
First four months of 2026 generated MOP 85.77bn in gaming revenue, up 12.1% year over year
