TLDR Moody’s Ratings expects Asia gaming revenue to grow 5% to 6% over the next 12 to 18 months Macau is set to lead the region, with revenue growth of 6% in 2026 and 4-5% in 2027 Southeast Asia faces slower growth because operators rely more on air travel and are more exposed to fuel prices Genting Bhd and Genting Singapore show mixed earnings outlooks for 2026, while NagaCorp stays steady Combined Macau casino earnings are expected to grow 6-7% in 2026, reaching $8.6 billion to $8.7 billion
Moody’s Ratings says gaming revenue across Asia will grow between 5% and 6% over the next 12 to 18 months. The ratings agency shared this outlook in a sector report released Tuesday.
The pace of growth will not be the same everywhere. Moody’s said it depends on how sensitive each market’s customers are to changes in fuel prices.
Macau Set to Lead Growth
Macau is expected to lead the region’s casino growth. Southeast Asia will likely see a slower pace by comparison.
Moody’s said Macau benefits from its closeness to mainland China. Chinese travelers are expected to choose short domestic flights, which helps keep visitor numbers steady.
The agency expects Macau’s gross gaming revenue to rise 6% in 2026. Growth is then expected to slow to 4-5% in 2027.
That would put Macau’s gaming revenue at around 90% of its 2019 level in 2026. It would reach 90-95% of that level in 2027.
The VIP betting segment in Macau has shrunk over the years. Moody’s expects it to stay at around 30% or less of total gaming revenue.
Moody’s said calmer competition among casino operators is helping. Property expansions and new openings are also expected to support earnings growth.
Combined earnings for Macau operators are expected to grow 6%