Macau Casino Operators Record Highest Promotional Share of Revenue in Q2 2026

Market-wide gaming commissions and promotional spending by Macau casino operators reached 20.9 percent of gross gaming revenue during the second quarter of 2026, according to figures compiled by CBRE Equity Research, and that marked an increase from the 20.5 percent recorded in the first quarter.

The rise occurred while operators competed intensely for premium players, and absolute commissions declined 5 percent from the previous quarter to settle at 1.57 billion dollars, a movement influenced in part by a weaker average VIP hold percentage that stood at 2.6 percent during the period.

Competition Drives Higher Relative Spending

Operators allocated a larger portion of each revenue dollar toward commissions and promotions even as total spending fell in absolute terms, and observers note that this pattern reflects sustained efforts to attract and retain high-value VIP customers amid a competitive landscape across the Macau market.

Data from the second quarter shows the percentage metric climbing steadily, while the weaker VIP hold rate contributed to the lower absolute commission figure, and analysts at CBRE Equity Research have indicated that spending levels in this category are likely to increase again during the second half of the year as market dynamics continue to evolve.

Those who follow the sector point out that the combination of rising percentage allocation and declining absolute spend illustrates how hold-rate fluctuations can affect reported commission numbers without necessarily signaling a reduction in promotional intensity.

Expectations for the Second Half of 2026

CBRE Equity Research projects that commissions will rise again in the second half of the year, and this outlook aligns with the ongoing competition for premium players that has already pushed the share metric to its recent high point.

Market participants continue to monitor VIP hold percentages closely because even modest changes in that metric can influence both the absolute commission totals and the percentage-of-revenue calculations that operators and analysts track each quarter.

Reports covering activity through September 2026 continue to reference the second-quarter benchmark as operators adjust strategies ahead of anticipated increases in promotional activity during the latter part of the year.

Context Within Broader Market Dynamics

The record 20.9 percent share stands as the latest data point in a sequence of quarterly measurements that have shown gradual increases in promotional intensity relative to gross gaming revenue, and the 5 percent quarter-on-quarter drop in absolute spending occurred alongside the weaker VIP hold environment.

Analysts connect these outcomes directly to the competitive environment for premium players, noting that operators have maintained elevated incentive levels even when overall commission dollars have moderated due to hold-rate effects.