Macau’s gaming revenue declined for the fifth consecutive month in October, dragged down by sluggish spending among high-end players that counterbalanced a significant influx of holiday visitors.
Gross gaming revenue dropped 10% to 21.68 billion patacas, equivalent to approximately $2.68 billion, compared to the same period a year earlier. The figures, published on Sunday by the Gaming Inspection and Coordination Bureau, aligned precisely with the median forecasts compiled by analysts. However, the total remained roughly 18% below pre-pandemic figures recorded in 2019.
The persistent downturn highlights ongoing vulnerabilities in high-roller spending, driven by a broader economic slowdown in mainland China and heightened regulatory scrutiny from Beijing regarding the overseas expenditures of affluent citizens. Despite these financial headwinds, the territory welcomed 1.14 million travelers during the Golden Week holiday period, representing a 15.5% increase from the previous year. According to market analysis from Jefferies, the surge in tourist foot traffic failed to generate a proportional lift in gambling revenues.
Broader macroeconomic factors have further dampened activity. A cooling stock market has negatively impacted player sentiment and diminished the wealth effect that previously drove robust gaming expansion during the second half of the previous year, which was initially fueled by an artificial intelligence-driven market rally. Those strong prior comparisons have created a more challenging baseline for year-over-year growth throughout the current period.
Additional economic pressures continue to shape the outlook for the region’s gaming operators, including recent tax actions in China and changing consumer habits among luxury shoppers. Meanwhile, Macau’s leadership prepares for upcoming political disclosures, with the territory’s chief executive scheduled to deliver the 2027 policy address on November 16.
