CreditSights sees difficult recovery in Macau gaming spend
Record visitor numbers in August provided little improvement in revenue generated per visitor.
Key takeaways
- Macau’s GGR reached MOP169.1bn in the first eight months, up 3.7 per cent year-on-year.
- CreditSights estimated average GGR per visitor at MOP5,836, below 2025 and 2019 levels.
Macau.- CreditSights has downplayed the prospects of a major recovery in gaming spending per visitor in Macau. Despite casino GGR rising 3.7 per cent year-on-year to MOP169.1bn (US$20.9bn) in the first eight months of 2026. The research firm said average GGR per visitor stood at MOP5,836 (US$722), down from MOP6,062 in the same period last year and 19 per cent below MOP7,224 in 2019, before the Covid-19 pandemic.
Visitor numbers have been climbing. August saw a monthly record of 4.5m arrivals, up 6 per cent from the same month in 2025. Mainland Chinese visitors, which accounted for about 80 per cent of arrivals, rose 9 per cent year-on-year. Arrivals from outside mainland China, however, fell 5 per cent.
The increase in visitor numbers did not translate into higher gaming revenue per visitor. CreditSights calculated August GGR per visitor at MOP4,888 (US$605), down 7 per cent from MOP5,720 (US$708) in July and 27 per cent below the MOP6,696 (US$828) recorded in August 2019.
GGR per visitor is a proxy based on total casino revenue and visitor arrivals, rather than a measure of individual gambling expenditure. The decline could indicate that a smaller proportion of visitors were gambling or that the customer mix included fewer high-spending players. August GGR reached MOP21.9bn (US$2.71bn), down 1.2 per cent year-on-year but up 8 per cent from July. The August result followed year-on-year declines in both June and July.
CreditSights also noted the potential impact of tighter Chinese controls on outbound investments. The analysts said the measures were unlikely to have a direct material effect on Macau’s GGR because gambling-related funding channels are already subject to strict controls. However, the analysts said increased regulatory scrutiny could affect sentiment among high-value gamblers, creating a secondary effect on the market. They expect entertainment activity later in the year to provide support for casino demand, pointing to scheduled concerts featuring artists including ITZY, Super Junior’s Donghae, Henry Lau and i-dle.
