Expanded FIFA World Cup could weigh on Macau GGR more than previous editions, Citi says
Analysts expect the enlarged 48-team tournament to have a stronger impact on Macau casino revenue in June and July.
Macau.- Citigroup analysts have warned that FIFA World Cup 2026 could have a greater impact on Macau’s casino revenue than previous editions of the tournament due to the expanded format and longer schedule. In a recent note, analysts George Choi and Timothy Chau said they expect a more pronounced drag on gross gaming revenue (GGR) during June and July than in the past.
The competition, which begins today (June 11) and runs through July 19, is the first World Cup to feature 48 teams, up from 32 in previous editions. According to Citi, more matches, greater fan engagement and longer viewing periods could divert consumer spending away from Macau’s casinos.
The analysts noted that the World Cup also coincides with a high GGR comparison base from 2025. Citi has maintained a forecast of MOP19bn (US$2.35bn) in Macau GGR for June, implying softer performance for the remainder of the month. That would represent a decline of 10 per cent year-on-year. For July, they expect GGR to be down by 5 per cent year-on-year “before a swift recovery driven by a strong post-tournament event calendar”.
UBS has also identified the FIFA World Cup as a factor likely to limit GGR growth in June and July, alongside tougher year-on-year comparisons.
