The rebound of Macau’s gambling sector off the back of a World Cup dip continued into August, when the region reported an 8% increase in revenue from July.
With such a significant reliance on VIPs at the tables in Macau, shifts in engagement during the World Cup can have a real impact on operators’ overall performance.
The numbers represent a stabilisation for the region, despite a dip of just 1% from the same period last year.
Macau is uniquely positioned in the Asian landscape, meaning that the market is exposed to elevated levels of VIP volatility and fluctuation.
That said, even amid wider sector challenges and the drag of the World Cup for VIP players, Macau is still forecast to end the year in a strong position in terms of overall revenue.
In the first half of 2026, Galaxy’s mass GGR grew 12% year‑on‑year, while VIP GGR fell 32% in Q2 alone.
This enabled the operator to grow its market share closer to Sands China, the region’s leader.
Even as pressure grows from other market players, Sands China remains the market leader in Macau. However, its EBITDA share slipped to a record low in Q2 as unfavorable win rates and a softer mix of high‑value visitors weighed on results, even as gaming volumes improved.
It also cited the impact of fewer top‑tier VIPs and ongoing suite and facility works at Londoner Macao as key burdens on overall revenue.
Yet Galaxy isn’t the sole challenger to Sands, which speaks to the fiercely competitive landscape in Macau’s current market.
The market has intensified since 2025, when the halting of the satellite law stopped third-party hotels from running casino floors and reshaped the landscape for operators.
At the heart of the reforms was a push to diversify Macau’s economy, with an ambitious goal of around 60% of GDP from non‑gaming by 2030, while tightening control over VIP and junket channels.
Nonetheless, the increase in overall visitor and tourist numbers, which have continued to grow throughout 2026, will support optimism about these ambitious income diversification targets.
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