Citigroup revises upward April GGR forecast for Macau
Analysts now expect gross gaming revenue to reach MOP18.25bn (US$2.27bn).
Macau.- Citigroup has adjusted its forecast for Macau’s April gross gaming revenue (GGR) from MOP18.0bn (US$2.24bn) to MOP18.25bn (US$2.27bn). That’s a decrease of 2 per cent in year-on-year terms and represents 77 per cent of April 2019 levels.
Analysts George Choi and Timothy Chau noted that GGR reached around MOP13.0bn (US$1.61bn) during the first 21 days of April and a daily revenue rate of about MOP650m (US$80.7m) in the third week of the month, a rise of 6 per cent compared to the previous week. Analysts attributed this to the Easter holiday period, which brought 520,000 visitors to the city.
They say VIP volume experienced a decrease of approximately 2 per cent month-on-month, while Mass GGR was down between 2-3 per cent. The report also noted that VIP hold rates appeared stronger than the preceding week.
In March, GGR was MOP19.66bn (US$2.46bn). That’s an increase of 0.8 per cent in year-on-year terms but a dip of 0.4 per cent sequentially. GGR was 76.1 per cent of March 2019’s level. For the first quarter of 2025, Macau’s GGR was MOP57.66bn (US$7.20bn), up 0.6 per cent from the prior-year period. However, this figure remains 24.7 per cent lower than the first quarter of 2019 (MOP76.15bn).
The government has forecast MOP240bn (US$29.7bn) in GGR for 2025. If April’s GGR achieves only MOP18.25bn (US$2.28bn), it would continue a trend of underperformance against government projections.
