Macau Casino Operators Record Peak Promotional Spending Share of Gross Gaming Revenue in Second Quarter 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, marking a new high that exceeded the 20.5 percent share posted in the first quarter, and the increase took place as operators competed aggressively for premium players. Absolute commissions declined 5 percent quarter-on-quarter to reach 1.57 billion dollars, a drop that occurred partly because VIP hold percentages averaged only 2.6 percent during the period.

Key Figures from the Quarter

Figures released in early September 2026 place the promotional outlay at its highest recorded proportion of revenue, and analysts attribute the movement to sustained efforts by operators to secure high-value customers amid tightening market conditions. The absolute dollar amount of commissions fell despite the higher percentage share, which illustrates how weaker hold rates on VIP play can reduce total commission payouts even when operators allocate a larger slice of revenue to promotions.

Observers note that the weaker VIP hold rate of 2.6 percent contributed directly to the lower absolute commission total, since hold percentages determine how much revenue is retained after payouts. When hold rates decline, operators collect less on the same volume of play, which in turn reduces the base upon which commissions are calculated.

Expectations for the Second Half

CBRE Equity Research projects that commissions will rise again during the second half of 2026, and the forecast rests on anticipated improvements in premium player activity and potential stabilization of hold rates. The research group highlights that operators continue to adjust promotional strategies in response to ongoing competition, which could push the percentage share higher even if absolute spending varies with revenue performance.

Those who track Macau gaming markets point out that the second-quarter results reflect a broader pattern where promotional spending becomes a larger component of operator budgets during periods of concentrated competition for VIP business. The record 20.9 percent share demonstrates how operators balance the need to attract premium players against the cost structure of their commission programs.

Impact of VIP Hold on Commission Totals

The average VIP hold of 2.6 percent during the quarter directly influenced the absolute commission figure of 1.57 billion dollars, and this relationship shows how fluctuations in hold rates can offset or amplify changes in promotional spending. Lower hold percentages reduce the revenue available for commission calculations, which explains why the dollar amount declined even though the share of gross gaming revenue increased.

Industry reports indicate that operators may adjust commission rates or introduce new incentive structures if hold rates remain subdued, and such adjustments could affect both the percentage share and the absolute spending levels in subsequent quarters. The expectation from CBRE Equity Research that commissions will increase again in the second half suggests operators anticipate stronger premium play volumes that could support higher overall outlays.

Conclusion

The second-quarter data establishes a clear record for promotional spending as a share of gross gaming revenue among Macau casino operators, driven by competition for premium players and tempered by weaker VIP hold rates that reduced absolute commission totals to 1.57 billion dollars. According to the latest industry update, CBRE Equity Research anticipates further growth in commissions during the second half of the year as operators continue to navigate competitive pressures in the premium segment. These figures provide a factual snapshot of how promotional strategies and hold-rate dynamics interact within the current Macau gaming environment.