A decline in Macau’s industry-wide gross gaming revenue during the September 2026 quarter was primarily driven by softer premium baccarat GGR, which fell by 7.9% compared with the same time last year.
According to data released by the Gaming Inspection and Coordination Bureau (DICJ) on Friday, Q3 mass baccarat GGR – which includes both mass and premium mass baccarat revenues – fell by 7.9% year-on-year to MOP$33.6 billion (US$4.16 billion). This was also 4.4% lower than the June 2026 quarter.
The significant drop in mass baccarat was the primary reason for total industry GGR in 3Q26 falling by 3.7% year-on-year and 1.3% quarter-on-quarter to MOP$60.4 billion (US$7.47 billion), based on DICJ figures.
By comparison, VIP baccarat GGR was flat year-on-year and up 6.3% sequentially to MOP$16.9 billion (US$2.09 billion).
IAG notes that the DICJ’s calculations of VIP GGR, which are 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.
While Macau’s GGR outlook has been subdued in recent months, impacted by factors such as the football World Cup in North America and China capital controls, Chief Executive Sam Hou Fai recently stated that the government has given no consideration to lowering its GGR forecast for 2026 from the previously stated benchmark of MOP$236 billion (US$29.2 billion).
