Macau GGR Climbs 8.4% Year-on-Year in May as Premium Mass Segment Drives Recovery

Macau's casino industry posted gross gaming revenue of MOP 21.3 billion (approximately US$2.64 billion) for May 2026, an 8.4% increase compared to the same month last year, according to figures released Monday by the Gaming Inspection and Coordination Bureau (DICJ). The result extends a five-month streak of year-on-year growth and brings cumulative GGR for the first five months of 2026 to MOP 103.7 billion, putting the territory on pace to exceed pre-pandemic 2019 benchmarks for the first time under the current concession framework.

Industry analysts at JP Morgan and Bernstein attributed the performance primarily to robust premium mass play, which now accounts for an estimated 62% of total table revenue across the six concessionaires. Sands China, Galaxy Entertainment, and Wynn Macau all reported double-digit gains in their high-limit mass segments, while VIP baccarat continued its structural decline, contributing less than 24% of overall GGR. The shift reflects the lasting impact of the 2023 junket reforms and concessionaires' pivot toward non-gaming attractions to attract higher-quality visitation.

Visitor arrivals from mainland China reached 2.4 million in May, supported by the recently expanded Individual Visit Scheme that now covers 61 cities. Hotel occupancy on the Cotai Strip averaged 94% during the month, with average daily room rates climbing 11% year-on-year. MGM China and Melco Resorts both highlighted strong performance from their new entertainment venues and Michelin-starred dining concepts as drivers of incremental property visitation during their pre-summer trading updates.

Looking ahead, concessionaires face mandatory non-gaming investment commitments totaling MOP 108.7 billion through 2032, a requirement that DICJ Director Adriano Ho reiterated remains on track. Bernstein analysts project full-year 2026 GGR to land between MOP 245 billion and MOP 252 billion, which would represent roughly 84% of 2019 levels while delivering significantly higher EBITDA margins thanks to the leaner cost structure adopted across the sector.