Macau has authorized 29 gaming junkets to operate in 2026. This marks a 21% increase from the 24 operators licensed at the beginning of last year and stands as the clearest signal yet that the enclave’s high-roller segment is stabilizing. These executive licenses were issued under the strict provisions of the 2023 gaming law, a statutory framework that routes all regulatory approvals directly through the Secretary for Economy and Finance.

While this expansion indicates a clear operational rebound, the industry remains far below its historical peak. Macau hosted 235 licensed promoters in 2014, right before Beijing’s sweeping anti-graft campaigns, targeted capital flight crackdowns, and prolonged pandemic borders gutted the traditional VIP trade. The current 2026 count still falls well short of the strict 50-license cap maintained by the government, leaving ample regulatory headroom should high-roller demand continue to climb.

Why the Junket Count Matters

Gaming promoters, historically referred to as junkets, function as the specialized middlemen who manage logistics, arrange premium accommodations, and chaperone Macau’s highest-spending gamblers. Consequently, their official headcount tracks the structural health of the VIP segment more accurately than virtually any other industry metric. Under the post-2023 regulatory regime, these operators face an unprecedented level of oversight designed to prevent the extra-legal credit networks of the past.

Every licensed promoter must now sign an exclusive contract with a single casino concessionaire, entirely eliminating the cross-property networks that once dominated the market. Furthermore, junket commissions are legally capped at 1.25% of total rolling-chip turnover, and promoters are completely barred from extending casino credit or independently managing private VIP rooms. While this tighter leash has permanently downsized the playing field, the operators remaining in 2026 represent the highly compliant survivors of a massive industry reset.

The allocation of these 29 licenses is distributed unevenly across the city’s six major concessionaires, reflecting differing corporate strategies toward high-roller risk management. Sands China and SJM Resorts lead the market with authorization to partner with up to 12 gaming promoters each. MGM China and Melco Resorts follow with caps of eight apiece, while Galaxy Entertainment and Wynn Macau maintain the leanest profiles with allocations capped at five junkets each.

The Money Is Following

The tax take backs up the recovery story. Macau collected MOP34.8 billion, roughly US$4.3 billion, in gaming tax across the first four months of 2026, up close to 17% year on year. Casino tax made up around 84% of all government income in that window, a reminder of just how completely the city’s books run on the floor. Operators hand over 40% of gross gaming revenue under the current concession.

Analysts are cautiously bullish for the full year. Deutsche Bank, JP Morgan and Jefferies all model growth somewhere between 3.5% and 6%, though the Macau government itself declined to publish an official forecast and pointed to external uncertainty.

The Review Hanging Over It

One cloud worth watching. Chief Executive Sam Hou Fai used his 2026 policy address to launch a mid-term review of the six concessionaires, checking their gaming and non-gaming investment pledges, social-responsibility commitments and legal compliance across 2023 to 2025. It’s a progress check on the ten-year concession, not a re-tender, so the operators aren’t at risk of losing their licences. But it’s a nudge to spend on the theme parks, theatres and convention space Beijing wants, not just the tables.

The VIP money is back. Macau just has to keep proving it can be more than a casino town to keep it.