Citi cuts Macau August GGR forecast
The brokerage has lowered its August forecast after Macau’s daily gaming revenue run rate eased in the second week.
Macau.- Citigroup has cut its forecast for Macau’s August gross gaming revenue (GGR) to MOP23bn (US$2.86bn). It reduced its its previous estimate of MOP23.5bn (US$2.92bn), after the market’s daily run rate softened in the second week of the month.
The revised forecast represents 4 per cent year-on-year growth, down from Citigroup’s previous projection of 6 per cent. The adjustment follows an estimated MOP11.65bn (US$1.45bn) in GGR generated during the first 16 days of August, according to industry sources cited by Citigroup analysts George Choi and Timothy Chau.
Macau’s average daily GGR was approximately MOP721m (US$89.6m) between August 10 and 16, slightly below the MOP733m (US$91.1m) daily run rate recorded during the first nine days of the month. Despite the slowdown, the second-week run rate remained above the MOP715m (US$88.9m) daily average recorded in August 2025.
Citigroup estimates that VIP gaming volume increased between 12 and 15 per cent month-on-month, while mass-market GGR rose by 9 to 10 per cent. However, the brokerage noted that the VIP hold rate appeared to have declined in the second week compared with the first nine days of August. This contributed to the softer daily GGR run rate.
