Macau Gaming Revenue Falls 10% to 21.68 Billion Patacas in October
Key Facts
Macau’s total gaming revenue was 21.68 billion patacas in October 2026, down 10% year on year and marking a fifth consecutive monthly decline since June, according to data reported by Investing.com. The drop came as the city recorded a sharp increase in visitors during the National Day holiday, refocusing attention on the gap between tourism traffic and casino revenue. Chief Executive Sam Hou Fai said authorities were monitoring whether the rise in visitors during the Golden Week holiday translated into revenue. October was the first full month after four consecutive annual declines through September. The government kept its 2026 gaming revenue target at 236 billion patacas, a goal the remaining months are now required to meet following October’s result.
The result was within the range Jefferies had estimated ahead of its release, but differed from another forecast of performance close to flat. Investing.com reported on October 12 that Jefferies estimated an annual decline of between 6% and 10%. The comparison was against a high base, as revenue had grown 16% in October 2025. Estimates for the first seven days of the month also showed average daily revenue of about 729 million patacas, down 6% year on year but 21% above September’s daily average. The final decline matched the median analyst forecast, according to Investing.com, citing Reuters. Still, October’s total was about 18% below its pre-pandemic level in 2019.
During the National Day holiday from October 1 to 7, Macau received 1.143 million visitors, averaging 163,000 a day, up 15.5% from the comparable holiday in 2025, according to the government tourism office. Average hotel occupancy was 91.3%, up 3.1 percentage points year on year. The city recorded a daily visitor peak of 210,000 on October 4, while hotel occupancy peaked at 97.0% on October 2. But the average room rate during the holiday fell 1.7% year on year to about 1,677.3 patacas. Visitor arrivals had reached 3.2 million in September, up 16% from a year earlier; full October figures were expected later in November.
Explaining the decline, Hou Fai said the government was assessing whether revenue was being affected by domestic and external economic changes, including periodic adjustments in neighboring regions’ stock and property markets. He added that authorities were also examining the possibility that post-pandemic revenue growth had peaked and was heading toward stabilization or a decline. The report pointed to continued weakness among high-spending gamblers, amid a slowdown in the Chinese economy and tighter scrutiny of wealthy people’s spending abroad. These factors were cited in the context of explaining the weakness, while the government is monitoring whether the increase in visitors during the Golden Week holiday supported revenue. Gaming revenue is subject to an effective tax rate of 40%, making achievement of the annual target important for public revenue as well.
Gaming revenue totaled about 187.1 billion patacas in the first nine months of 2026, meaning about 50 billion patacas was needed in the final three months to meet the government’s target of 236 billion. Hou Fai said revenue had recorded annual declines for four consecutive months through September, before October extended the streak to five months. The month’s result puts the scale of the task remaining in the final quarter at the forefront of monitoring the annual forecast. Full October visitor figures are expected later in November, while the statement gave no date for a target review or an announcement of a decision on it. The forthcoming visitor data will provide a fuller picture of travel during the month in which gaming revenue fell.