Macao’s six casino operators recorded a gross gaming revenue (GGR) of 19.89 billion patacas (US$2.46 billion) in April, a 5.5 percent increase over the 18.86 billion patacas (US$2.36 billion) recorded during the same month last year.
Despite the year-on-year increase, April’s GGR represents a notable drop in comparison to the 22.61 billion patacas (US$2.8 billion) earned in the preceding month, according to data from the Gaming Inspection and Coordination Bureau.
The month-on-month drop in casino revenue is not surprising, as April is traditionally an off-peak period for Macao’s tourism industry, with no extended public holidays in mainland China – Macao’s main source of tourists.
Last month, the only holiday period in mainland China was the three-day long Qingming Festival between 4 and 6 April. The break overlapped with Macao’s Easter holiday on 3 and 4 April, but Easter is not celebrated on the Chinese mainland.
Cumulatively, gaming revenue in the first four months of this year reached 85.76 billion patacas (US$10.6 billion), up 12.1 percent compared to the same four-month period in 2025.
[See more: Macao’s gaming EBITDA to hit $2.1 billion this quarter, CLSA says]
The SAR government has made a GGR forecast of 236 billion patacas (US$29.4 billion) for 2026 – a rise of 3.5 percent in comparison to the 228 billion pataca target in 2025.
By contrast, analysts are less conservative in their forecast, with JP Morgan anticipating a GGR increase of 5 to 6 percent this year. Similarly, a Bloomberg survey carried out in March had analysts projecting a 2026 GGR growth at the 5 to 8 percent range, which would put Macao’s GGR for the entire year at 260 to 267 billion patacas – the highest level since 2017.
Meanwhile, the Macao government is expecting casino tax revenue to reach 92.5 billion patacas (US$11.5 billion) this year, with 27.9 percent of that amount (25.8 billion patacas) already collected in the first quarter of 2026.
Fitch Ratings believes that the gaming tax revenue will be much higher than the government’s estimate.
In a statement cited by gaming specialist publication Inside Asia Gaming, the credit rating firm said, “we expect gaming tourism growth to slow but remain solid in 2026, supported by favourable visa-entry policies, expanded cultural and entertainment offerings and continued non-gaming investments.”
