CLSA projects 5% growth for Macau GGR

It cautions over reliance on premium players.

Macau.- Investment group CLSA is maintaining a cautious outlook for Macau’s gaming sector in 2026, despite a stronger-than-expected start to the year. In a new research note, the brokerage said it expects the city’s gross gaming revenue (GGR) to increase by 5 per cent year-on-year to MOP260bn (US$32.2bn). That’s firmly placed at the lower end of the market consensus range of 5 to 8 per cent.

CLSA analyst Jeffrey Kiang noted that while first-quarter performance was solid, with GGR rising 14 per cent year-on-year, it’s not shifting its full-year forecast. He pointed to emerging macroeconomic headwinds, including weaker industrial profitability in mainland China and the rise in oil prices, which could weigh on consumer spending.

The report also noted the continued reliance on premium players while broader participation remains softer. This is reflected in lower gaming spend per visitor, even as overall footfall improves. An increasing proportion of Macau arrivals are same-day travellers, it notes, which typically results in lower gaming expenditure per person.

Kiang wrote Five-star room rates fell by about 2 to 3 per cent year-on-year in the first two months of 2026 despite occupancy of above 95 per cent. CLSA interprets this as a sign that operators are prioritising volume over price.

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See also: CBRE projects 8.3 per cent Macau GGR growth in 2026

It cautions over reliance on premium players. Macau.- Investment group CLSA is maintaining a cautious outlook for Macau’s gaming sector in 2026, despite a stronger-than-expected start to the year. In a new research note, the brokerage said it expects the city’s gross gaming revenue (GGR) to increase by 5 per cent year-on-year to MOP260bn (US$32.2bn)….