Non-gaming spending growth likely driven by visitor numbers, report says

The non-gaming sector is expected to rely more on rising visitor arrivals than higher per-capita spending for future growth, according to CreditSights Inc.

The credit and market research firm said in a recent note that it sees limited short-term upside in how much each visitor spends on non-gaming activities, citing weaker macroeconomic momentum in mainland China.

It added that broader economic conditions are likely to weigh on discretionary spending, making volume rather than spending intensity the key driver of revenue growth.

Analysts pointed out that China has set a lower economic growth target for 2026 compared with previous years, suggesting a more cautious consumption environment ahead. Against this backdrop, they expect Macau’s tourism inflows – particularly from the mainland – to remain the primary support for non-gaming revenue expansion.

Despite the outlook on per-capita spending, CreditSights noted that Macau continues to expand its non-gaming offerings. New or upgraded hospitality products, including hotel refurbishments and luxury property openings across major integrated resorts, are expected to support overall visitor experience and spending levels.

Official statistics showed that total non-gaming spending in Macau rose strongly in the first quarter of 2026, reaching record levels and surpassing pre-pandemic benchmarks. The increase was supported by higher visitor arrivals and moderate growth in per-capita spending.

The report also noted that non-gaming revenue now represents a significant share of overall casino-related earnings, underscoring its growing importance in Macau’s economic structure.

Further, CreditSights said seasonal tourism demand and new premium hospitality products could provide additional support for overall gaming and non-gaming revenues, particularly during peak travel periods.

The firm added that recent performance in the gaming sector has been led mainly by premium customers, with industry-wide revenues trending above government projections for the year so far.