The Gaming Inspection and Coordination Bureau of Macau reported on Tuesday that gross gaming revenue in the Macau SAR reached 250.4 billion patacas (approximately 31 billion US dollars) in the first half of 2026, a record figure that surpasses the previous first-half record set in 2013 and exceeds pre-pandemic performance for the first time. The figure represents a 14.2 percent increase from the first half of 2025 and confirms Macau's position as the world's largest gambling market by revenue.
What Drove the Record Performance
Gaming analysts attribute the record performance to three convergent factors. First, the liberalisation of individual visit scheme permits for residents of all 31 provinces and autonomous regions in mainland China, expanded in November 2025, has significantly broadened the pool of eligible day visitors beyond the previous scheme's coverage of 49 cities. Mainland Chinese visitor arrivals in the first half of 2026 totalled 16.4 million, an increase of 22 percent from the same period in 2025.
Second, the premium mass market segment, defined as players wagering between 10,000 and 200,000 Hong Kong dollars per table visit, has emerged as the dominant revenue driver, displacing the VIP junket segment that characterised Macau's earlier growth era. Premium mass gaming revenue grew 28 percent year-on-year in the first half of 2026, driven by an emerging class of middle-to-upper income Chinese consumers who travel independently rather than through organised VIP rooms.
Macau's gross gaming revenue of 250 billion patacas in H1 2026 exceeded the previous peak set in 2013, powered by premium mass market growth.
Operator Performance
Among the six licensed concessionaires, Galaxy Entertainment Group led the market with a 23.4 percent share of gross gaming revenue, followed closely by Sands China at 22.1 percent. MGM China posted the strongest year-on-year growth rate at 31 percent, driven by the successful ramp-up of its MGM Cotai property's expanded meeting and convention facilities, which have generated ancillary non-gaming revenue that drives incremental premium mass visitation.
Analysts at Morgan Stanley Gaming Research have raised their full-year 2026 forecast for Macau gross gaming revenue from 480 billion patacas to 520 billion patacas following the first-half result, which would represent a new annual record by a margin of approximately 8 percent over the 2013 full-year figure.
Non-Gaming Revenue Growth
While gaming remains the industry's headline metric, non-gaming revenue growth is attracting increasing attention from investors and regulators. Integrated resort operators reported combined non-gaming revenue of 28.4 billion patacas in the first half of 2026, accounting for 11.4 percent of total revenue, up from 7.2 percent in the equivalent period of 2019. Hotel occupancy rates averaged 94 percent across the major integrated resorts, with MICE (meetings, incentives, conferences and exhibitions) events generating record delegate spending.
Non-gaming revenue now accounts for 11.4% of total integrated resort revenue, up from 7.2% in 2019, as operators diversify their offerings.
Regulatory Environment and Concession Framework
The strong performance comes under the first year of full operation of the revised gaming concession framework, which came into force in January 2023 and imposed stricter controls on junket operations, enhanced player protection measures, and mandatory corporate social responsibility commitments from all six concessionaires. Gaming sector analysts note that the regulatory tightening, while reducing revenues from the VIP segment, has created a more resilient and sustainable business model less exposed to credit risk and external regulatory shocks.
Secretary for Economy and Finance Lei Wai Nong credited the record performance partly to the government's successful execution of the Macau 2030 development plan, which he said demonstrated that "responsible gaming industry development and Macau's broader economic diversification are fully compatible objectives."
Outlook for the Second Half
The second half traditionally includes the busy Golden Week holiday in early October, which alone accounts for approximately 12 percent of annual gaming revenue. Consensus analyst forecasts project second-half gross gaming revenue of between 265 and 280 billion patacas, which would bring the full-year figure to between 515 and 530 billion patacas. The major uncertainty remains the pace of infrastructure completion at two new Cotai properties scheduled to open partially before year end.