Macau gaming revenue climbed 6.7% year on year to MOP22.61 billion ($2.8 billion) in May 2026, the territory’s strongest May since the pre-pandemic peak of 2019 and ahead of analyst forecasts.
Macau gaming revenue reached MOP22.61 billion ($2.8 billion) in May 2026, a 6.7% rise on the same month last year, according to the Gaming Inspection and Coordination Bureau (DICJ). The result beat market expectations of roughly 5% growth and pushed Hong Kong-listed casino stocks higher, signalling that the world’s largest gambling hub continues its steady, mass-market-led recovery as the year-to-date total swells past $13 billion.
Key Facts:
• Macau gross gaming revenue (GGR) hit MOP22.61 billion ($2.8 billion) in May 2026, up 6.7% year on year — DICJ
• The figure was the best May since 2019 and beat consensus forecasts of about 5% growth — JPMorgan
• Year-to-date GGR through May reached MOP108.37 billion ($13.42 billion), up roughly 11% — DICJ
• Macau has sanctioned 29 junkets for 2026, a 21% increase on 2025 — DICJ
What the May numbers show
The May haul translates to a daily run rate of about MOP729 million and extends a run of year-on-year gains across the six licensed concessionaires. The headline beat lifted the sector on the day: Wynn Resorts rose 5.5%, while Las Vegas Sands and Melco Resorts each added about 4% and Galaxy Entertainment gained 2% in midday US trading, according to casino.org. Visitor numbers underpinned the figure, with around 873,000 arrivals over the May 1 to 5 Labour Day window and more than 400,000 across the Buddha’s Birthday weekend on May 24.
Year to date, Macau has now generated MOP108.37 billion ($13.42 billion), an increase of roughly 11% on the first five months of 2025. The growth is being driven by premium-mass and grind-mass play rather than the high-roller VIP segment that dominated the territory before the pandemic, a structural shift that has steadied operator margins.
Why it matters for the industry
For operators and their investors, the May print confirms that Macau’s recovery is durable but maturing. JPMorgan analysts DS Kim, Selina Li and Lindsey Qian, who flagged that the result beat their estimates, model mass and slot revenue rising 7% to 8% across 2026 while VIP revenue falls about 5%, reflecting a high comparison base after an unexpectedly strong 2025. They cautioned that the sector is likely to sit in a near-term growth lull as tougher year-on-year comparisons take hold. (Futunn)
There is a consumer-protection dimension too. The 21% jump in sanctioned junkets to 29 for 2026 marks a partial revival of the middleman model that regulators reined in sharply after 2022, and any expansion of junket-driven credit play will draw scrutiny from the DICJ on responsible-gambling and anti-money-laundering grounds. The trend mirrors the steady monthly gains charted in our coverage of Macau’s April 2026 GGR.
What happens next
The immediate swing factor is the FIFA World Cup, which runs from June 11 to July 19, 2026. JPMorgan noted the tournament could temporarily divert high-end players’ time and capital away from the tables, denting June and July comparisons. Beyond that, higher base effects from 2025 will make double-digit growth harder to sustain, and attention will turn to whether premium-mass demand can offset a softer VIP base. Operators reporting second-quarter results later in the year — a cohort that has posted records elsewhere, as seen in Century Casinos’ Q1 revenue — will offer the next read on whether Macau’s momentum holds.
FAQ
Q: How much did Macau make from gambling in May 2026?
A: Macau gross gaming revenue was MOP22.61 billion ($2.8 billion), up 6.7% year on year and the best May result since 2019, according to the DICJ.
Q: Is Macau’s gambling revenue still growing in 2026?
A: Yes. Year-to-date GGR through May reached MOP108.37 billion ($13.42 billion), up about 11%, though analysts expect growth to cool against tougher comparisons.
Q: What is driving Macau’s recovery?
A: Premium-mass and mass-market play rather than VIP high rollers. JPMorgan expects mass and slot revenue to rise 7% to 8% in 2026 while VIP revenue declines around 5%.
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