Solid underlying GGR trends and positive indications from operators around the recent May Golden Week holiday suggest the outlook for Macau remains relatively positive. However, the recent rise in VIP revenues and its inherent volatility – combined with the city’s elevated competitive environment – make accurate earnings forecasts challenging, according to commentary from CBRE Equity Research.

In a note, analysts John DeCree and Max Marsh said although the outlook remains opaque, they see upside and “remain encouraged by the solid underlying GGR trends, including operator commentary on 1Q26 earnings calls that point to a solid rebound in May behind the Golden Week holiday.