Banking group Citigroup has adjusted its outlook for Macau's July casino gross gaming revenue (GGR), cautiously raising its forecast by 2.6 percent to MOP20 billion (approximately US$2.47 billion), up from the previous MOP19.5 billion. This revision comes despite observing a notable 30 percent increase in daily GGR during the first six days of July compared to the same timeframe last year, with revenue reaching about MOP717 million per day.
Impact of High-Profile Concerts on Revenue
Citigroup's analysts have attributed this early-month revenue boost significantly to the popularity of singer Jacky Cheung’s final concert performances over the past weekend at the Galaxy Arena on Cotai. His series of concerts, launching in June, coincided with a 19.0 percent GGR increase in the same month, linking entertainment events directly with enhanced casino revenues. As the month continues, Macau anticipates further performances by renowned artists Aaron Kwok at Studio City and Sandy Lam at Venetian Arena.
However, analysts George Choi and Timothy Chau express a tempered outlook, predicting some deceleration in the GGR run rate following Jacky Cheung's events.
Projections and Performance Analysis
In practical terms, Citigroup foresees an average of MOP628 million per day in GGR for the remaining days of July. If this forecast holds, July’s total GGR could reach MOP20 billion, marking a 7.6 percent increase over the same period in the previous year, which recorded MOP18.6 billion. This projection would account for 81.8 percent of the GGR earned in July 2019, before the pandemic. The initial six-day July figures approximated to MOP4.3 billion imply a daily rate of MOP717 million, slightly higher than June 2025's average of MOP702 million.
Observations from industry sources indicate flat VIP volumes but a modest 2 to 4 percent increase in mass GGR month-on-month, with a higher-than-normal VIP hold rate during the initial analysis period.
Source: Citi cautious on Macau July GGR, despite seeing 30pct y-o-y jump in first 6 days, GGRAsia, July 7, 2025.
Posted by Wizard
Jul 08 2025
Jul 08 2025
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