Macau has approved a new list of gaming promoters for 2026, adding a small number of junkets back into a sector that has been heavily cut down over the past few years.
The Gaming Inspection and Coordination Bureau (DICJ) has authorised 29 licenced promoters for next year. That is an increase from the 24 operators approved at the start of last year. The change is modest, but it does reverse the sharp contraction seen during and after the pandemic.
Even with the increase, the junket market remains far from its previous size. Current regulations allow for up to 50 licenced gaming promoters, meaning fewer than 60 percent of available licences are now in use. The approach suggests regulators are willing to allow limited growth, but only within strict boundaries.
One junket, one operator
Up until 2019, junkets were a major driver of Macau’s VIP business. However, that model no longer exists. While licences are returning, the sector has been rebuilt around tighter oversight and clearer accountability rather than scale.
The latest promoter list also shows how relationships are split among Macau’s six concessionaires. Sands China and SJM Resorts have the largest number of licenced promoters, with up to 12 each. MGM China and Melco Resorts are linked to eight apiece, while Galaxy Entertainment and Wynn Macau work with five each.
Under Macau law, gaming promoters are required to work with only one concessionaire. The rule prevents junkets from operating across multiple casinos and is intended to make monitoring easier for regulators. Each promoter now sits directly within a single operator’s compliance framework.
These restrictions stem from the 2023 gaming law, which significantly reduced the role of junkets. Promoters are no longer allowed to operate VIP rooms on their own, enter private revenue-sharing agreements, or issue credit directly to players. Those activities are now handled exclusively by concessionaires.
VIP play returns on smaller scale
As a result, junkets remain active, but with far less independence than in the past. Gaming data shows that VIP play has picked up, though it remains well below pre-pandemic levels. VIP baccarat revenue reached around MOP 67.99 billion ($8.46 billion) in 2025, up nearly 25 percent year on year. However, VIP play accounted for just over 27 percent of total gaming revenue, compared with more than 46 percent in 2019.
The broader shift reflects a market now driven mainly by mass play rather than high rollers. Total gaming revenue reached MOP 247.40 billion ($30.78 billion) in 2025. For 2026, the government has forecast MOP 236 billion ($29.4 billion), pointing to stable conditions rather than aggressive growth.
Staffing figures further underline how much the junket sector has been reduced. Only 12 licenced junket collaborators are currently active, despite regulations allowing for up to 250. Taken together, these numbers point to a controlled reset. The junket market is now smaller, more closely supervised, and expanding slowly under rules designed to prevent a return to past practices.
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