Macau casino operators are expected to recover some lost momentum following consecutive year-on-year revenue declines during the FIFA World Cup.
Gross gaming revenue fell by 8.4% to MOP20.26bn (US$2.51bn) in July, following a 12.1% decline in June, according to the Gaming Inspection and Coordination Bureau.
The two weaker months reduced year-to-date growth to 4.4%, compared with 10.9% during the first five months of 2026.
Analysts have attributed part of the slowdown to the World Cup, which ran from 11 June to 19 July and may have diverted some premium customers towards sports betting or delayed travel to Macau.
The extent of that effect cannot be isolated from wider factors including consumer spending, travel patterns, casino hold and comparisons with stronger prior-year results.
Vitaly Umansky, senior global gaming analyst at Seaport Research Partners, expects GGR to increase by 4.5% year-on-year in August before rising by 11% in September.
JP Morgan has adopted a more cautious position, forecasting broadly flat revenue in August and growth of 6% during September.
Macau’s casino sector had recorded five consecutive months of strong growth before the June decline.
Improved travel access and easier visa arrangements continue to support visitor numbers, while operators are investing in hotels, entertainment, retail and convention facilities under their current concessions.
The Macau government has forecast full-year 2026 casino GGR of MOP236bn.
The August figures will provide the first full month of trading after the World Cup and a clearer indication of whether the recent decline reflected a temporary sporting-calendar effect or a broader slowdown in gaming demand.
