Macau VIP baccarat gross gaming revenue (GGR) fell 18.8 per cent quarter-on-quarter in the second quarter of 2026. Data released by the Gaming Inspection and Coordination Bureau (DICJ) showed Macau VIP baccarat GGR reached MOP15.90 billion ($1.97 billion) between April and June. The figure was down 18.8 per cent from the first quarter and 2.6 per cent lower than the same period last year.
The decline comes as Macau casinos face softer VIP and premium mass demand, despite continued strength in gaming tax revenue and a broader recovery in tourism.
VIP baccarat loses share of Macau gaming revenue
VIP baccarat accounted for 26.1 per cent of Macau’s total gaming revenue during the second quarter, down from 29.7 per cent in the first quarter of 2026 and below the 26.7 per cent recorded a year earlier.
Even with the quarterly slowdown, the segment remained well ahead of last year’s pace over the first six months of 2026. VIP baccarat GGR reached MOP35.48 billion ($4.40 billion) in the first half of the year, an increase of 15.2 per cent compared with MOP30.79 billion ($3.81 billion) during the same period of 2025.
Overall Macau gaming revenue from games of fortune totalled MOP61.03 billion ($7.56 billion) in the second quarter. That was broadly unchanged from a year earlier but 7.4 per cent lower than the MOP65.87 billion ($8.16 billion) generated in the first quarter.
Mass baccarat remains the main revenue driver
While VIP gaming weakened, mass-market baccarat continued to underpin Macau’s casino industry. The segment generated MOP35.17 billion ($4.36 billion) during the second quarter, accounting for 57.6 per cent of total gaming revenue. Revenue declined 1.2 per cent year-on-year and 3.8 per cent compared with the previous quarter, but remained the largest contributor to Macau casino revenue.
Slot machines delivered one of the strongest performances among major gaming categories. Revenue reached MOP4.11 billion ($509 million), rising 17 per cent year-on-year and 3.3 per cent quarter-on-quarter. The live multi-game segment generated MOP1.30 billion ($161 million), up 3.1 per cent from a year earlier and 3.7 per cent higher than the first quarter.
FIFA World Cup impacts Macau casino demand
Analysts have pointed to the FIFA World Cup as one of the factors weighing on Macau’s casino performance, with the tournament pulling both attention and spending away from gaming floors. Citigroup’s latest survey showed premium mass gaming activity dropped sharply in June, with total wagers down 38 per cent from a year earlier. The bank said the second quarter was Macau’s toughest period since the post-pandemic reopening, citing the extended World Cup schedule and weaker VIP hold rates.
Football betting revenue in Macau reflected heightened interest in the tournament. Revenue from football wagers reached MOP126 million ($15.6 million) during the second quarter, up 38.5 per cent from MOP91 million ($11.3 million) a year earlier. Basketball betting generated MOP50 million ($6.2 million), broadly in line with the previous year.
The impact has been particularly visible among premium mass and high-value players, where both visitation and wagering volumes have softened in recent months.
Gaming tax revenue continues to rise
Despite the slowdown in Macau VIP baccarat GGR and premium gaming activity, government finances remain supported by strong tax receipts from the casino sector. Macau collected MOP51.19 billion ($6.3 billion) in gaming taxes during the first half of 2026, an increase of 13.1 per cent compared with the same period last year.
Gaming taxes accounted for approximately 86 per cent of total government revenue and helped lift Macau’s fiscal surplus to MOP13.28 billion ($1.6 billion) by the end of June. Under Macau’s gaming concession system, casino operators pay a 40 per cent tax on gross gaming revenue, making the industry the backbone of public finances.
Crime remains stable despite rise in gambling-related cases
Macau Secretary for Security Chan Tsz King said illegal live-stream proxy betting in casinos remains under control, attributing this to strong cooperation from gaming operators and the prompt intervention of on-site police when suspicious activity is detected.
Police recorded 6,628 criminal cases, down 1.1 per cent year-on-year. Fraud cases fell 10.8 per cent, while telecommunications and online fraud declined 38.5 per cent following enhanced prevention measures.
However, gambling-related offences increased. Authorities opened 1,278 gambling-related cases during the first six months of the year, up 12.2 per cent compared with the same period in 2025. Illegal currency exchange cases linked to casino gambling rose to 259 cases. Officials said the increase reflected continued enforcement efforts around casinos, hotels and major tourist areas as visitor numbers continued to recover.
Asian iGaming returns to the City of Dreams. From 30 November to 2 December 2026, SiGMA South Asia unites 3,500+ industry leaders, innovators and decision-makers in Colombo to shape the future of gaming.
