Latest figures from Macau’s Gaming Inspection and Coordination Bureau (DICJ) highlight a significant decline in VIP baccarat revenue as the primary cause of the broader slowdown in GGR in the June 2026 quarter.
The official data, published Thursday, reveals that total GGR in Q2 fell to MOP$61.2 billion (US$7.57 billion) – flat year-on-year but 7.3% lower than in 1Q26.
While mass baccarat also slowed to MOP$35.2 billion (US$4.35 billion) – down 1.2% year-on-year and 3.8% quarter-on-quarter – the decline in VIP was much starker.
VIP baccarat GGR fell by 2.6% year-on-year and by 18.8% sequentially to MOP$15.9 billion (US$1.97 billion), comprising 26.0% of industry-wide GGR for the quarter compared with 29.6% in the March 2026 quarter. Mass baccarat therefore saw its contribution rise from 55.4% in Q1 to 57.5%.
Analysts have repeatedly flagged ahead of Macau’s 2Q26 results season – which kicks off next Thursday when Sands China parent Las Vegas Sands Corp releases its results – that VIP GGR had been impacted by low hold, as well as the impact of the World Cup through much of June.
IAG notes that the DICJ’c calculations of VIP GGR, which is based on how it segments certain gaming tables within the city’s integrated resorts, differs significantly to that of the concessionaires themselves who typically report VIP as a much lower percentage of gaming revenues.
