The percentage of aggregate Macau GGR spent on gaming commissions industry-wide hit a new high of 20.9% in the June 2026 quarter, according to CBRE Equity Research – highlighting the city’s elevated promotional activity.
In a note, CBRE analysts John DeCree and Max Marsh pointed out that the competitive environment remains intense, particularly for higher-spending premium customers, although the higher percentage of GGR was in part due to low VIP hold that weighed on the city’s gaming revenues.
In absolute terms, commission dollars were also down 5.0% quarter-on-quarter because GGR was higher in Q1.
“We continue to see an elevated promotional environment in Macau and expect aggregate commission dollars to increase in 2H26,” the analysts wrote. “However, as a percentage of GGR, we expect some stabilization (absent any significant hold volatility).”
The commentary comes after the Gaming Inspection and Coordination Bureau (DICJ) reported a 1.2% year-year decline in Macau gaming revenue to MOP$21.9 billion (US$2.71 billion) in August.
CBRE noted that Macau’s concessionaires continue to struggle with limited EBITDA flowthrough and margin pressure as a result of the elevated customer reinvestment levels and higher opex due to the hyper-competitive operating environment.
However, with September comps looking easier given the typhoon that struck this time last year and August showing improvement compared to June and July GGR figures, the analysts said they have “some confidence that the market can return to growth or at least maintain its top line” and continue to see opportunity for shareholders even while stock prices remain low.
“We continue to see most Macau concessionaires generating significant cash, creating a compelling opportunity for dividend investors,” they wrote.
