Macau's VIP junket sector, once the engine of the world's biggest casino market, has been rebuilt under rules that would have been unrecognisable a decade ago. For 2026 the Gaming Inspection and Coordination Bureau has authorised 29 licensed gaming promoters, commonly called junkets, working under a cap of 50 licences. That is a modest recovery from 24 at the start of 2025, but it is still a fraction of the 235 junkets operating at the sector's peak in 2014.

A junket is a middleman between a casino and a high roller. Traditionally the junket recruited VIP players, often from mainland China, arranged their travel and luxury accommodation, and extended them a line of gambling credit. That credit function was the heart of the business, and it is now gone. Since August 2024, under Macau's Legal Regime of Credit Concession, only the six licensed casino concessionaires may issue gambling credit. Junkets can ask a casino to extend credit to a player they introduce, but only under a notarised contract approved by the Secretary for Economy and Finance.

The money model changed at the same time. Since January 2023 junkets have been barred from sharing in casino gaming revenue and are limited to a commission capped at 1.25% of rolling turnover. Each junket must also sign an exclusive contract with a single concessionaire. Sands China and SJM Holdings may each work with up to 12 junkets, MGM China and Melco Resorts up to eight each, and Galaxy Entertainment and Wynn Macau five each.

The surprise is that the VIP segment is growing anyway. VIP baccarat revenue in 2025 surged by nearly 25% year on year to approximately MOP67.99 billion, around $8.46 billion, lifting the VIP share of total revenue to 27.48%. The government's budget proposal forecasts total gross gaming revenue of MOP236 billion, about $29.4 billion, for 2026. The high roller has not left Macau; the route to the table has simply changed.

What changed is who owns the relationship. Casino operators are building direct VIP programmes rather than relying on junkets to bring them players, and the industry is shifting toward premium mass players who bet hundreds to a few thousand dollars a hand at baccarat. Those players carry better margins than traditional VIPs, whose business is expensive to serve and heavily regulated. The junket survives as a introducer and relationship manager, not as a banker.

For a high roller planning a Macau trip in 2026, the practical consequences are clear. Credit now comes from the casino itself, which means a formal application, financial checks, and a longer lead time than the old junket handshake. Travel and accommodation packages still exist, but they are arranged through the operator's own VIP team or a licensed promoter working under one concessionaire. Players who relied on a junket for instant credit should start the process weeks before travel, not days.

The regulatory direction is not expected to reverse. The 50-licence cap has been held steady since 2023, the commission cap is fixed, and the credit rules are now embedded in law. Operators have adapted by investing in their own premium host teams, private gaming areas, and direct marketing to high-value players in Asia and beyond. The junket era is over; the direct VIP era is the one to plan around.

There are risks in the new structure too. Industry voices warn that strict credit rules could push some VIP players toward jurisdictions with more flexible lending, and the shift to premium mass means the ultra-high-stakes rooms of the past are fewer and quieter. But the 2025 numbers suggest the market has found a new balance: smaller, more transparent, and still worth billions.

For players, the lesson is to treat Macau as a destination that now rewards preparation. Confirm your credit line with the concessionaire before you fly, understand that your junket contact can introduce you but cannot lend to you, and expect the casino's own host team to manage the relationship. The perks are still there; the paperwork simply arrives first.

Macau's VIP market did not die when the junkets lost their credit books. It changed shape, shrank to 29 licensed promoters, and kept growing. High rollers who understand the new rules will find the tables waiting; those who expect the old ones will be disappointed.

Q: Can a Macau junket still give me gambling credit in 2026? A: No. Since August 2024 only licensed casino concessionaires can issue credit. A junket can request credit on your behalf, but the casino decides and the contract must be approved.

Q: How many junkets are licensed in Macau for 2026? A: 29 are authorised, under a cap of 50 licences. Sands China and SJM Holdings may each work with up to 12.

Q: Is Macau VIP gambling still growing? A: Yes. VIP baccarat revenue rose by nearly 25% in 2025 to about MOP67.99 billion, roughly $8.46 billion, and total gross gaming revenue is forecast at MOP236 billion for 2026.