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 anticipates that Macau’s gross gaming revenue (GGR) in May could reach MOP20 billion ($2.49 billion), about 77 percent of 2019 levels.

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.

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's anticipated casino gross gaming revenue (GGR) for April is expected to reach MOP18.5 billion ($2.3 billion), averaging around MOP617 million daily, according to a memo from Citigroup released on Monday.

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.

After Macau’s gross gaming revenue hits the second-highest daily run-rate since reopening, investment bank Citigroup raises the 2024 GGR forecast by 7 percent to $29 billion.

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

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.

Macau is projected to conclude 2023 with gross gaming revenue (GGR) of MOP182 billion ($22.6 billion), approximately 62 percent of 2019 levels, according to Citigroup.