Macau’s Secretary for Economy and Finance maintained a ceiling of 50 licensed gaming promoters for 2026, with 29 promoters currently active, according to data from the Gaming Inspection and Coordination Bureau. The six casino operators retain individual partnership limits, ranging from five to 12 junkets.
The unchanged cap and operator-specific limits define the scale of junket partnerships permitted in Macau.
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A peer-reviewed study found Macau concessionaires’ commissions, incentives, discounts and rebates totalled MOP39.507bn in 2024 and MOP31.762bn in 2023, below MOP62.608bn in 2019. The study said these costs fell more sharply than gross gaming revenue, as revised rules restricted junkets’ operating models.
Macao casinos recorded GGR of $2.76bn in August, taking revenue for the first eight months of the year to MOP163.05bn, reportedly. Jefferies raised its 2025 forecast to MOP248bn from MOP237bn, citing the revenue performance; the year-to-date total was 7.2% above the same period in 2024.
Macau gaming revenue rose 14.4% year on year in the first quarter of 2026, while the quarter-on-quarter figure fell 0.3%, according to government data cited in the report. Seaport Research Partners expects growth to slow during the rest of the year and estimates EBITDA growth of 9% alongside a 30-basis-point decline in margins. The brokerage also expects operating expenditure to increase by 6% to 7% in 2026.
CreditSights maintained its tactical outperform recommendation on Wynn Macau’s US-dollar bonds despite weaker third-quarter earnings. It cited leverage of 5.3 times gross and 4.3 times net as of September, and expected higher capital expenditure in financial year 2027 to weigh on cash flow.
Wynn Macau Ltd's U.S. dollar bonds remain a tactical outperform recommendation at CreditSights Inc, even after weaker third-quarter earnings and with capital spending expected to rise in 2027. The analysts said the anticipated capital spending pressure in financial year 2027 was a key reason for the tactical qualification.
CLSA estimated that Galaxy Entertainment, Sands China and MGM China increased their overall and table gross gaming revenue shares in Macau in 4Q25 compared with a year earlier. It estimated total quarterly GGR at about MOP66 billion, up 15%, and said satellite casino closures helped shift demand towards larger resorts.