Macau GGR on track to reach US$22.6bn for 2023, analysts say

Analysts at Citigroup anticipate December’s GGR will be MOP17.5bn.

Macau.- Analysts at Citigroup have forecast that Macau will achieve a gross gaming revenue (GGR) of MOP182bn (US$22.6bn) for the full year 2023, reaching 62 per cent of 2019 levels. Analyst George Choi’s latest investment memo outlined expectations of GGR of MOP17.5bn (US$2.2bn) for December. The forecast is based on seasonal patterns and a lineup of concerts throughout the month.

Choi predicts that December’s daily run rate will be MOP565m. The Gaming Inspection and Coordination Bureau has reported that Macau’s GGR for November was MOP16.04bn (US$1.99bn). That’s a drop of 17.7 per cent month-on-month but up 435 per cent compared to last November.

Citigroup’s recent Table Survey highlighted live concerts as one of the most significant drivers that boost the city’s gaming revenue. They also have a positive impact on retail performance. The survey found that the average player wager in the premium mass segment increased by 37 per cent in November compared to November 2019, reaching HK$22,251 (US$2,856). 

Cumulatively, Macau’s GGR for the first eleven months of 2023 was MOP164.5bn (US$20.4bn), up 325 per cent compared to the same period in 2022.