World Cup weighs on Macau casino revenue, Citi says
The investment bank estimates Macau generated MOP9bn in gaming revenue during the first two weeks of June, with the World Cup reducing spending at local casinos.
Macau.- Macau’s Gross Gaming Revenue reached an estimated MOP9bn (US$1.12bn) in the first 14 days of June, according to Citigroup, which attributed the slower pace to the start of the FIFA World Cup.
In a note released today (June 15), the bank said Macau’s daily GGR run rate fell to MOP586m (US$72m) in the week ending June 14, down 20 per cent from May levels and 16 per cent below the first week of June. Citi said the tournament is diverting part of players’ gambling budgets towards sports betting, contributing to weaker casino revenue. The bank also noted declines in both VIP and mass-market gaming volumes.
Despite the slowdown, Citigroup maintained its June GGR forecast of MOP19bn (US$2.3bn), an estimated 10 per cent year-on-year decline. The bank added that upcoming concerts in Macau could help support visitor arrivals and gaming demand during the second half of the month.
