Macau Gaming Revenue Hits $2.8B in Strongest May Performance
Macau gaming revenue surged to $2.8 billion in May 2026, marking the strongest monthly performance since the pandemic. The figure represents a 6.7 percent increase year-on-year and a 13.7 percent jump from April’s $2.47 billion. Coupled with robust visitor arrivals during the Labor Day holiday period, the results signal continued momentum in the region’s gaming sector recovery. Further bolstering the positive outlook, year-to-date Macau gaming revenue reached $13.44 billion across the first five months of 2026, up 10.9 percent compared to the same period last year.
Macau Gaming Revenue Surges to $2.8B in May
The preceding months established momentum for May’s performance. March delivered MOP 22.62 billion ($2.80 billion) in gross gaming revenue, representing a 15 percent increase year-on-year. The figure surpassed Seaport Research Partners’ estimate of 11.6 percent growth and exceeded the Bloomberg Asia consensus of 11 percent. However, April experienced typical seasonal softness with revenue declining to MOP 19.90 billion ($2.47 billion), down 12 percent from March.
Analysts anticipated May would bring moderated growth. Investment bank Jefferies projected gross gaming revenue between MOP 21.8 billion and MOP 22.4 billion, implying 3 to 5 percent year-on-year growth. Citigroup similarly forecast approximately 4 percent growth, estimating MOP 22 billion to MOP 22.5 billion. Both projections fell below the market consensus of 6.3 percent.
The segment breakdown revealed distinct patterns. Month-to-date mass revenue increased 8 to 10 percent month-on-month, while VIP revenue climbed 10 to 12 percent. The VIP win rate tracked below its normal range at 2.6 to 2.8 percent. Jefferies noted that revenue over eight days ended May 25 averaged MOP 656 million ($81.20 million) daily, approximately 5 percent lower week-on-week despite the Buddha’s Birthday holiday weekend.
Holiday Visitor Arrivals Fuel Gaming Performance
Holiday periods drove substantial visitor traffic to Macau during May. The five-day Labor Day holiday from May 1 to 5 brought approximately 873,000 visitor arrivals, marking a 2.7 percent year-on-year increase. Average daily arrivals reached nearly 175,000, surpassing 2019 levels by 10.4 percent.
Visitor flows peaked on May 2, when arrivals hit about 248,000, the highest single-day total recorded since official statistics began. On the same day, total border crossings reached 889,000, also setting a record high. Hotel occupancy remained strong, averaging 92.7 percent over the holiday period and reaching a high of 98.3 percent on the peak day.
Mainland visitors accounted for 83 percent of inbound arrivals during Labor Day, while visitors from Hong Kong and Taiwan represented 10.8 percent and 1.3 percent respectively. Overseas visitors made up 4.9 percent.
Similarly, the three-day Buddha’s Birthday holiday from May 23 to 25 recorded 403,000 visitor arrivals, with an average of 134,000 per day[18]. The holiday is observed in Macau and Hong Kong, but not in mainland China, making the figures relevant for assessing short-haul visitation from nearby markets during regional public holiday periods[18].
Year-to-Date Results Reveal Recovery Gap
Full-year 2025 results provided context for the current recovery trajectory. Macau gaming revenue reached MOP 247.4 billion, climbing 9.1 percent over 2024 and exceeding Chief Executive Sam Hou Fai’s projection of MOP 228 billion. However, the total represented 84.6 percent of the pre-pandemic 2019 benchmark, which closed at MOP 292.5 billion.
The previous year demonstrated similar momentum. In 2024, gross gaming revenue grew 23.9 percent year-on-year to MOP 226.80 billion, recovering to 77.5 percent of 2019 levels. The progression showed steady gains, with the market adding approximately 7 percentage points in recovery rate between 2024 and 2025.
January 2026 delivered MOP 22.63 billion in gross gaming revenue, up 24 percent year-on-year and marking the highest January total since 2019. The figure exceeded analyst expectations, as Seaport Research analyst Vitaly Umansky had anticipated 14 percent year-on-year growth for the month.
Analysts project moderated expansion for full-year 2026. Umansky predicted a growth rate of 7 percent, driven by increasing wealth in China and rising travel spending. Similarly, Deutsche Bank expects gross gaming revenue to rise 5.8 percent, while JP Morgan forecasts growth between 5 and 6 percent for the year.
