Seaport sees Macau gaming growth moderating after strong March performance

Analyst forecasts double-digit April growth but warns of slower momentum in the second half of 2026.

Macau.- Analysts at Seaport Research Partners expect Macau gaming growth to moderate in the coming months. They forecast that gross gaming revenue (GGR) will grow by around 12 per cent year-on-year in April and 8.2 per cent in May as comparisons become more challenging and market momentum normalises.

Vitaly Umansky, senior analyst at Seaport, said: “We expect growth to slow unless we see a pick-up in demand or liquidity improvement. We forecast 2026 to grow 7 per cent, with 1H rising 9.8 per cent and 2H slowing to 4.4 per cent.”

Concerns include China’s economic outlook, consumer confidence and potential shifts in travel and spending patterns. Umansky said: “While there are concerns around the sustainability of GGR growth and the Chinese economy, along with geopolitical risks, gaming valuations – in particular those with Macau exposure – remain largely undemanding, contributing to a continued positive risk/reward positioning for most operators.”

Analysts also expect operators to benefit from improved EBITDA flow-through as revenue growth stabilises, particularly if premium mass demand remains resilient.

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Analyst forecasts double-digit April growth but warns of slower momentum in the second half of 2026. Macau.- Analysts at Seaport Research Partners expect Macau gaming growth to moderate in the coming months. They forecast that gross gaming revenue (GGR) will grow by around 12 per cent year-on-year in April and 8.2 per cent in May…