Macau Casino Revenue Keeps Climbing Through 2026

Macau's casinos generated MOP22.6 billion (US$2.8 billion) in gross gaming revenue in May 2026, up 6.7% year on year and 13.7% higher than April, extending a recovery that has run through the whole of 2026. The five-month total reached MOP108.38 billion, up 10.9% on the same period of 2025, and the Macau government still expects full-year revenue of MOP236 billion (US$29.43 billion). The recovery is being led by the mass market rather than the old VIP junket machine, and analysts now think even the official forecast may prove conservative.

The key numbers at a glance

• May 2026 GGR: MOP22.6 billion (US$2.8 billion), up 6.7% year on year and 13.7% on April
• First five months: MOP108.38 billion, up 10.9% year on year
• First quarter: MOP65.87 billion (US$8.17 billion), up 14.3% year on year
• Full-year government forecast: MOP236 billion (US$29.43 billion), about 3.5% above the revised 2025 figure
• Analyst view: CBRE Equity Research sees growth of 8.3%, ahead of the roughly 6% market consensus
• Growth driver: mass and slot revenue expected to rise 7% to 8%, led by premium mass demand

How much did Macau's casinos make in May 2026?

May was the standout month of the year so far. Macau casinos took MOP22.6 billion, or about US$2.8 billion, in gross gaming revenue, a 6.7% increase on May 2025 and a sharp 13.7% jump from April's MOP19.89 billion. April itself had risen 5.5% year on year to roughly US$2.46 billion, so the trend through the spring was one of steady, broadening improvement rather than a one-off spike.

How does 2026 compare to last year?

2026 is running comfortably ahead of 2025. The first-quarter total of MOP65.87 billion was up 14.3% year on year, and the five-month total of MOP108.38 billion was up 10.9%. That double-digit start is the strongest run of growth Macau has posted since the market reopened, and it has been consistent month after month rather than reliant on a single strong period.

Period, 2026	GGR (MOP)	US$ approx	Year on year
First quarter	65.87 billion	8.17 billion	+14.3%
April	19.89 billion	2.46 billion	+5.5%
May	22.6 billion	2.8 billion	+6.7%
Five months total	108.38 billion	13.5 billion	+10.9%

What is the full-year 2026 forecast?

The official target is US$29 billion, and analysts think it may be beaten. The Macau government has forecast full-year 2026 casino gross gaming revenue of MOP236 billion (US$29.43 billion), around 3.5% above its revised 2025 figure. CBRE Equity Research is more bullish, projecting growth of 8.3% and noting that Macau could exceed the roughly 6% expansion most of the market has priced in. With five months already up 10.9%, the debate is less about whether Macau grows and more about how far past the official number it lands.

What is driving Macau's recovery?

The engine has changed. Growth is now led by resilient consumer demand and the mass-market and premium-mass segments, not the high-roller VIP junket volume that powered Macau before the downturn. Mass and slot revenue is set to rise 7% to 8% in 2026, and analysts point to improving tourism trends and steady visitation as the main catalysts. That matters for margins: mass-market play is more profitable for operators than VIP turnover, so revenue growth of this kind flows through more strongly to earnings.

What does it mean for the operators?

Macau's six licensed concessionaires all benefit from a rising, mass-led market. Sands China, Galaxy Entertainment, Wynn Macau, MGM China, Melco Resorts and SJM Holdings compete for that premium-mass demand across their Cotai and peninsula properties, and a recovery weighted toward the mass segment supports both revenue and margin. For an industry still working through post-downturn debt and concession-linked investment commitments, a double-digit start to the year is exactly the backdrop operators needed.

Frequently asked questions

How much revenue do Macau casinos make?

Macau casinos generated MOP22.6 billion (US$2.8 billion) in May 2026 and about MOP108.38 billion (roughly US$13.5 billion) across the first five months. The government forecasts MOP236 billion (US$29.43 billion) for the full year.

Is Macau's gaming market recovering?

Yes. Gross gaming revenue was up 10.9% year on year over the first five months of 2026, following a 14.3% rise in the first quarter, marking a sustained recovery.

What is driving Macau's recovery?

The recovery is led by the mass-market and premium-mass segments and resilient consumer demand, rather than the VIP junket volume that drove earlier cycles. Mass and slot revenue is expected to grow 7% to 8% in 2026.

How many casino operators are there in Macau?

Six licensed concessionaires operate in Macau: Sands China, Galaxy Entertainment, Wynn Macau, MGM China, Melco Resorts and SJM Holdings.

Updated July 2026.