As Macau’s visitation numbers continue to soar, there is a growing disconnect between gaming and non-gaming spend patterns – with financial research firm CreditSights stating that it will take some time for gaming spend per capita to recover back to pre-COVID levels.
In a note ahead of Macau’s Gaming Inspection and Coordination Bureau (DICJ) releasing its GGR results for May later today, CreditSights observed that spending per capita had fallen 5% year-on-year to MOP$5,781 (US$716) in April, suggesting there were likely more non-casino goers and/or smaller spending punters within April’s visitor mix. Visitor arrival numbers grew by 11.3% to 3,441,396 in April.
While the four-month GGR spend average in 2026 stands roughly flat year-on-year at MOP$5,852 (US$725), CreditSights said, “We opine that it will likely take some time for gaming spending per capita to meaningfully recover back to pre-COVID levels given the junket landscape has significantly scaled back compared to pre-pandemic times and that visitors from wealthier regions in China with higher GDP per capita have already recovered beyond pre-COVID levels.
“Further casino visitation upside [will likely come] more from the less affluent regions of China with lower GDP per capita.”
For comparison, April 2019 GGR spend per capita was MOP$8,873 (US$1,099) while the average for the first four months of 2019 combined stood at MOP$7,232 (US$896).
It is a different story in terms of non-gaming spend, which jumped 25% year-on-year in 1Q26. Such spend is only reported quarterly rather than monthly.
The higher non-gaming spend was largely driven by spend from Shanghai, Guangdong Province and Jiangsu Province in mainland China as well as from Hong Kong and Taiwan which saw a 37% increase in non-gaming spend.
“We continue to see visitation volumes as the main driver for further improvements in the total non-gaming spending,” CreditSights said.
It added that the addition of more non-gaming entertainment offerings that have recently come online or will in the near future are expected to further support non-gaming spending. These include the newly opened Chairman’s Club at Wynn Palace, completed 60 suite conversions and renovated premium areas at MGM COTAI, planned renovation of 100 suites at MGM Macau, phased opening of the luxury REM hotel at City of Dreams Macau from early 3Q26, progressive re-opening of refreshed rooms and suites at The Venetian from 3Q26 and more.
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