Published on: April 1, 2026, at 08:22h.
Updated on: April 1, 2026, at 08:25h.
- Macau saw impressive gains in March, with casino earnings reaching $2.8 billion
- March 2026 marked Macau’s third-highest gaming month since 2019
- Analysts note increased betting from affluent mass players
In March, Macau’s casino revenue exceeded analyst predictions, with a gross win increase of 15%, amounting to MOP22.61 billion (approximately US$2.8 billion).
The average estimate for March’s gross gaming revenue (GGR) was around MOP22.2 billion, which the city’s Gaming Inspection and Coordination Bureau reported was surpassed by the six casino operators.
March’s GGR showed a 9.8% increase from February, bringing the first quarter’s total revenue to $8.16 billion, which is 14.3% higher than the previous year.
This March revenue marked Macau’s third-highest month since the beginning of the COVID-19 pandemic in late 2019, following October 2025 at MOP24.1 billion and January 2026 at MOP22.63 billion.
Citigroup indicated in its monthly report an increase in the number of high-volume baccarat players in the casinos and reported a rise in betting amounts among premium mass players.
Baccarat continues to dominate, with this player-versus-banker game now accounting for nearly 90% of monthly gaming earnings in Macau.
Understanding Macau’s Players
High-volume baccarat players are defined as gamblers who wager substantial amounts, generally in exclusive VIP rooms.
Often referred to as whales, these high-volume players typically place bets ranging from MOP$500,000 to MOP$2 million per hand (approximately US$62,000-$247,900). There is also the premium mass player, whose betting range is broader but frequently bets tens of thousands of US dollars per hand, especially after the COVID-19 pandemic led to the exit of VIP junket groups.
On the opulent Cotai Strip, baccarat minimum bets usually start at US$1,000, with peak periods seeing them rise to US$10,000.
In contrast, casinos on the historic downtown peninsula offer lower minimums, typically ranging from $100 to $300.
Stock Market Reactions and April Forecast
The robust casino revenue in March is likely to influence stock prices positively during trading. Companies like Las Vegas Sands, MGM Resorts, and Wynn Resorts saw their futures rise in anticipation of the New York Stock Exchange and Nasdaq openings.
Analysts project that April’s casino revenue could rise by over 10% year-on-year, estimating around MOP20.9 billion (approximately US$2.6 billion). If these estimates hold, it would signify six consecutive months of stable gaming revenues in Macau, fluctuating between MOP20.6 billion and MOP22.6 billion since November 2025.
Nevertheless, geopolitical unrest in the Middle East, affecting oil supply and economic conditions, poses a potential threat to the short-term economic outlook for both China and Macau. Recently, President Donald Trump suggested that Iran’s leader is open to a ceasefire.