Macau’s six casinos recorded MOP22.63 billion (US$2.8 billion) in gaming revenue in January 2026, up 24% year over year, according to figures in the report. The result exceeded analyst projections of 15% to 20% growth, while higher operating and non-gaming costs continued to weigh on casino earnings.
The revenue increase offers operators and investors a measure of Macau demand alongside ongoing cost pressures.
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Citigroup forecasts Macau gross gaming revenue of MOP22.5 billion in May, a 6% year-on-year increase, citing industry sources. The projection requires average daily revenue of about MOP704 million for the rest of the month; the bank points to scheduled concerts and a UFC event as possible demand drivers.
Las Vegas Sands reported first-quarter 2026 revenue of $3.59bn, a 25.3% increase year on year. Net income rose 57.1% to $641m, while adjusted property EBITDA increased 24.6% to $1.42bn. The company said Singapore and Macau both delivered growth.
CLSA and Citigroup analysts estimated that Macau casino industry EBITDA rose 7% to 8% year on year in the first quarter, behind the 14.3% increase in gross gaming revenue. Citigroup put industry EBITDA margin at about 27%, while CLSA estimated 25.3%.
Macau’s gaming sector is expected to grow EBITDA by about 8% year on year in Q1 2026, according to Citigroup analysts George Choi and Timothy Chau. Gross gaming revenue reached MOP65.87 billion, up 14%, while VIP performance and hold rates weighed on margins. Citigroup expects Sands China to record the strongest operator EBITDA growth, at about 20%.
Citigroup’s monthly survey of Macau table games reported that average premium mass wagers rose 17% year on year to HK$20,689 per hand, while the number of players fell 16%. It also found mass baccarat minimum bets increased 3% to HK$2,028 across Macau, with Cotai up 6% and the peninsula down 7%; these are survey findings and analyst views.