Macau’s non-gaming sector continues to expand, but future growth is likely to depend more on rising visitor arrivals than higher spending per tourist, according to a new report from CreditSights. The research firm said slower economic growth in China could limit increases in average non-gaming spending, even as the city records strong tourism and gaming performance.
Slower China growth may limit spending
CreditSights said it does not expect significant near-term growth in non-gaming spending per capita in Macau. The institution pointed to China’s revised 2026 economic growth target of between 4.5 per cent and 5 per cent, lower than the “around 5 per cent” target seen between 2023 and 2025.
The analysts stated that slower economic expansion could make it more difficult for visitors to increase discretionary spending. Since most Macau tourists come from mainland China, changes in consumer confidence and spending patterns in the country remain important for the city’s tourism and hospitality sectors.
CreditSights analysts Nicholas Chen and David Bussey said visitor volume remains the main driver of future improvements in total non-gaming revenue, according to GGRAsia.
Record non-gaming revenue in first quarter
Despite concerns over per-capita spending growth, Macau recorded strong non-gaming results in the first quarter of 2026. Total non-gaming spending reached a record MOP24.43 billion ($3.03 billion), an increase of 24.5 per cent compared with the same period last year. The figure was also 44 per cent higher than the level recorded before the Covid-19 pandemic in the first quarter of 2019.
Average non-gaming spending per visitor rose 9.5 per cent year-on-year to MOP2,179 ($270.5). At the same time, visitor arrivals increased by 13.7 per cent to 11.2 million during the quarter. These combined factors supported the strong overall revenue performance.
According to government statistics, shopping remained the largest spending category, accounting for 48.2 per cent of total visitor expenditure. Accommodation and food and beverage spending followed closely behind.
New resort developments expected to support revenue
CreditSights expects several new hospitality and premium tourism projects to contribute to non-gaming revenue growth during the second half of the year. These include the renovation of 100 suites at MGM Macau, the phased launch of the REM luxury hotel at City of Dreams Macau, and upgraded rooms and suites at The Venetian Macao.
The report said these developments could help boost spending on accommodation, dining and entertainment. However, the firm maintained that increased visitor numbers would remain the key factor behind overall growth.
Gaming revenue remains strong
Macau’s gaming industry also continued to post gains. Gross gaming revenue for the first four months of 2026 reached MOP85.77 billion ($10.65 billion), up 12.1 per cent from a year earlier. CreditSights said the premium gaming segment was the main contributor to this growth.
The average monthly gaming revenue stood at about MOP21.4 billion (2.65 billion), above the MOP19.7 billion ($2.44 billion) monthly average required to meet the Macau government’s 2026 gaming revenue target of MOP236 billion ($29.29 billion). As of April, the market had already achieved 36 per cent of that annual target.
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