Macau October Revenue Falls 10% Despite Golden Week

Macau’s casinos generated MOP21.68 billion in gross gaming revenue in October, a 10.0 percent drop on October 2025, even though the month included the mainland’s National Day Golden Week. For readers in Singapore comparing Asia’s regulated casino markets, our Singapore casino hub explains how the local rules differ.

What the DICJ figures show

The Gaming Inspection and Coordination Bureau (DICJ) monthly table, as reported by AGBrief, puts October gross gaming revenue at MOP21,680 million, against MOP24,086 million a year earlier. That leaves the month about MOP2.4 billion short of last year’s level, or roughly US$2.7 billion in dollar terms.

The result was still a clear improvement on September, when casinos took MOP18,063 million. October revenue was therefore 20.0 percent higher month on month.

Fifth straight annual decline

October is the fifth consecutive month in which Macau revenue came in below the prior year. According to the DICJ table, the first five months of 2026 all showed growth, led by a 24.0 percent jump in January. Since then the annual changes have been -12.1 percent in June, -8.4 percent in July, -1.2 percent in both August and September, and -10.0 percent in October.

Part of the pressure comes from the comparison base. October 2025 was the strongest month of last year up to that point, at just over MOP24 billion.

Forecasts missed

AGBrief reports that CLSA kept its October forecast at MOP24.1 billion in early October, and that market forecasts ranged from a 3.5 percent decline to 4 percent growth. The actual outcome fell outside that range. GGRAsia also cited an October 17 note from CICC that saw no clear near-term inflection point in Macau revenue or sector profitability. These are analyst views, not official projections.

Year to date and the budget target

Cumulative revenue for January to October reached MOP208,796 million, up 1.6 percent on MOP205,427 million in the first ten months of 2025. That cushion has narrowed since spring, when year-to-date growth was above 10 percent.

The government’s 2026 budget is built on full-year revenue of MOP236 billion. Based on the DICJ cumulative figure, AGBrief calculates that casinos would need a combined MOP27.2 billion across November and December to reach it. The same report says Chief Executive Sam Hou Fai said on October 10 that October would likely be crucial in determining whether the target could be met.

Why it matters beyond Macau

Macau is the benchmark for Asian casino demand, and a fifth monthly decline is a data point regional readers and operators watch. It does not by itself say anything about online play in Singapore, Malaysia or Thailand, where licensing and legality are separate questions. For those, see our guide on whether online casinos are legal in Singapore. Official monthly tables are published by the DICJ.

Question for readers in Singapore: do you read Macau revenue as a signal for regional demand, or as a separate market?

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