Macau gaming revenue weakens in September

Macau gross gaming revenue fell 1.2% year over year in September to 18.1B patacas ($2.24B), according to data from the Gaming Inspection and Coordination Bureau. The gaming revenue tally was below the consensus expectation for 2.2% growth during the month and 17.5% below the mark from August. Notably, the GGR level was the lowest for any month in 2026.

Following a brief period of pent-up demand after the World Cup ended, Macau has seen broad industry softness across both the VIP and mass market segments. Tighter regulatory scrutiny is also considered a factor in the GGR downturn,

For the first eight months of 2026, Macau GGR is up 3.2% year over year to 187.1B patacas ($23.1B).

Looking ahead, Jefferies expects the dispersion in margin outcomes across operators to widen. "While some operators have cited margin pressure, including LVS/Sands, we continue to expect solid margin performance from select peers. Over time, we remain constructive on the premium mass segment and expect Galaxy and Wynn to outperform, supported by what we view as stronger operational execution within this customer cohort," highlighted analyst Anne Ling.

Macau casino stocks: Wynn Macau (WYNMF) (WYNMY), Wynn Resorts (WYNN), Sands China (SCHYY) (SCHYF), Las Vegas Sands (LVS), MGM China (MCHVF) (MCHVY), MGM Resorts (MGM), Galaxy Entertainment (GXYEF), SJM Holdings (SJMHF) (SJMHY), Melco Resorts & Entertainment (MLCO), and Studio City International (MSC).