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Seaport forecasts Macau gaming growth slowdown after first-quarter GGR rise

Regulation

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.

Operators may need to weigh slower expected growth against persistent cost and margin pressure.

End-of-day close Sands China (1928), HKD, to 5 June 2026
Story date9 March 20265 June 2026

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Seaport forecasts 5% fall in Macau October GGR on China weakness

Seaport Research forecasts a 5 percent decline in Macau October gross gaming revenue, citing weaker Chinese economic conditions and tax enforcement on offshore trusts affecting wealthy customers. The brokerage projects October GGR of MOP22.87bn ($2.84bn). September GGR fell 1.2 percent year-on-year to MOP18.06bn ($2.23bn).

Seaport Research forecasts a 5 percent year-on-year decline in Macau gross gaming revenue for October, according to an October 1 report by senior analyst Vitaly Umansky. The brokerage projects October GGR of MOP22.87bn ($2.84bn).

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