Macao’s Gaming Revenue Shows Seasonal Dip for April But Still Up YOY

Written by

Share on social media

Macau

April’s gaming revenue slowdown comes after a strong March, but Macao’s casino market still posted year-on-year growth.

Macau
Key Takeaways: 
  • April gaming revenue of MOP19.89 billion reflects seasonal slowdown
  • Year-to-date revenue up 12.1%, signaling continued growth momentum
  • Analysts, Fitch remain optimistic about full-year growth targets despite short-term dip

Gross gaming revenue for the city’s operators reached MOP19.89 billion (US$2.4 billion) in April, up 5.5% from a year earlier, according to the Gaming Inspection and Coordination Bureau. 

The figure was lower than March’s MOP22.61 billion (US$2.8 billion), reflecting the softer travel pattern that typically follows the Lunar New Year and major holiday periods.

Seasonal Dip, Steady Momentum

That decline was largely expected. April is usually a quieter month for Macao tourism, and this year’s only mainland China holiday was the brief Qingming break, which offered limited support for visitation. 

Even so, the first four months of 2026 brought in MOP85.76 billion (US$10.63 billion) in gross gaming revenue, up 12.1% from the same period a year ago.

Forecasts Still Point Higher

The government is budgeting for MOP236 billion (US%29.85 billion) in full-year gaming revenue, according to Macao News. 

JP Morgan has projected growth of 5% to 6%, and a Bloomberg survey in March pointed to 5% to 8% expansion. 

Fitch Ratings said it expects casino tax revenue to run ahead of official estimates, citing continued visitor demand and non-gaming investment. As Fitch put it per Inside Asian Gaming, “we expect gaming tourism growth to slow but remain solid in 2026.” 

The government had already collected MOP25.8 billion (US$3.2 billion) in gaming tax in the first quarter, underscoring how central the sector remains to public finances.