Promotional spend as a share of gross gaming revenue in Macau reached 20.9 percent in the second quarter of 2026, up from 20.5 percent in the first quarter. CBRE analysts John DeCree and Max Marsh attribute part of the rise to weak VIP hold at 2.6 percent, below the 3.5 percent average over the past twelve months.
In dollar terms, commissions fell 5.0 percent quarter-on-quarter from $1.65 billion to $1.57 billion. The record is in the ratio to GGR, not in absolute spending. The figure includes commissions, complimentaries and gaming incentives deducted from gross win.
CBRE expects commissions to climb to $1.62 billion in the third quarter and $1.73 billion in the fourth, with ratios of 20.5 percent and 20.6 percent. The brokerage notes an elevated promotional environment but sees the metric stabilising if hold remains steady.
Macau concessionaires face margin pressure from high reinvestment in customers and operating costs. August GGR dropped 1.2 percent year-on-year to MOP21.89 billion ($2.72 billion), the third consecutive monthly decline. June and July fell 12.1 percent and 8.4 percent.
Analysts had expected recovery after the FIFA World Cup, which weighed on demand in June and July. CBRE believes the tournament displaced trips to Macau rather than deferred them. GGR per visitor fell around 10 percent in July and 9.2 percent in June, after five months of stability.
