According to a recent Labor Day edition of the Premium Mass table survey from Citigroup, Macau gaming operators Galaxy Entertainment and Sands China, with the largest hotel room inventory, 'seem to benefit the most from the holiday crowd.’

Citigroup has trimmed its forecast for Macau's gross gaming revenue (GGR) from $2.3 billion to $2.23 billion for April due to the anticipated flattish daily run-rate.

According to a recent memo from Citigroup, business trends in the Macau gaming sector appear to be resilient in April, especially leading up to the Labor Day break.

In assessing the long-term prospects of the Macau gaming industry, brokerage firm Citigroup highlights the significant impact of the widespread adoption of smart gaming tables on its growth.

Macau witnessed its best-ever performance in the premium mass segment during the Chinese New Year (CNY), with Galaxy Entertainment emerging as the market share winner, according to the Citigroup.

More premium mass baccarat tables were launched this month in Macau casinos, directly driving the increase in total wagers.

Macau’s gross gaming revenue (GGR) for the first seven days of January is estimated to be approximately MOP4.4 billion ($548 million), with an average of MOP629 million ($78.4 million) per day, as noted by investment bank Citigroup.

Citigroup anticipates that Macau's gross gaming revenue (GGR) for January 2024 will reach approximately MOP17.5 billion ($2.2 billion), achieving around 70 percent of the level recorded in January 2019, primarily influenced by seasonal factors.

Analysts at Citigroup are bullish on Macau in 2024, seeing room for growth after a 'decent 2023'. Analyst George Choi cites a weak economy in China diminishing Macau's possible ramp-up this year, but notes that visitation, time and money spent in the casino are more important metrics than a country's GDP. The analyst also encourages operators in their comping strategies, noting that EBITDA is the bottom line.

Investment bank Citigroup notes that there is still ‘plenty of room for top-line gaming revenue growth’ for 2024 in Macau, as its research team indicates that the sector's current valuations imply over-pessimistic opex inflation.