The anticipated pent-up demand for high-stakes casino gambling that was temporarily interrupted during the World Cup did not materialize, as August proved to be another challenging month for the six casino operators in Macau.
The Gaming Inspection and Coordination Bureau of Macau reported a gross gaming revenue (GGR) of MOP21.89 billion (US$2.71 billion) in August. This represented a decrease of 1.2% compared to the previous year, but a 3.7% increase from July.
August marked the third consecutive month of declining GGR in Macau, following a strong start to the year with five months of increased year-over-year casino revenue. For the first eight months of the year, Macau’s casino revenue reached over $16.9 billion, reflecting a 3.7% growth from the previous year.
World Cup Impact on VIP Play
The losing streak in Macau that began in June was attributed to the 2026 FIFA World Cup, which captured the attention of the mainland and diverted gamblers from baccarat tables to sportsbooks. Despite China not having a team in the competition, soccer is immensely popular in the country, with an estimated fan base exceeding 200 million.
While analysts initially expected a surge in demand post-World Cup, this demand did not materialize as expected. Factors like luck of players, volume, and hold could not be accurately determined by the Bureau, but the first full month post-World Cup did not meet expectations.
The World Cup probably had a larger impact relative to prior periods. It’s a little bit hard to give you the exact reason why. We were surprised that the impact probably was more significant this year than it has been in past years,” Evan Winkler, president of Melco Resorts, said on the company’s second quarter earnings call on Aug. 13.
“From our standpoint, we definitely did take a hit. I don’t know where they went, but the assumption is that they probably did some level of sports activity,” Winkler said.
Reports showed a strong start in August, with high rollers betting significant amounts on baccarat. However, fewer high-rollers were observed in Macau casinos as the month progressed.
September Recovery Outlook
September will be crucial in determining how Macau recovers from the World Cup impact.
Traditionally, September is a slow month in Macau, with families concluding their summer vacations and children returning to school. Travel also decreases before the Golden Week holiday celebrated from Oct. 1-7, marking the founding of the People’s Republic of China in 1949.
Due to these factors, Macau typically hosts fewer special events and entertainment attractions in September.