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.

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

The average wager per player at Macau premium mass rooms during the National Day Golden Week increased by 94 percent compared to the same period in 2019, according to the latest Table Survey conducted by Citigroup.

The ‘unprecedented lineup of events’ is expected to be the main driver of Macau’s gross gaming revenue in 4Q23, as Citigroup raises the quarter’s GGR forecast by 7.4 percent quarterly, from MOP51 billion ($6.3 billion) to MOP52.5 billion ($6.5 billion).

Citigroup reaffirms that Macau's gaming industry shows no signs of slowing down. Despite the decline in total wagers in the premium mass market, average wagers remain strong and unaffected by seasonality.

Citigroup noted that MGM's management is 'showing confidence in the market', MGM China's President and Chief Operating Officer Hubert Wang revealed that the company will double the headcount of its international sales and marketing team

Macau’s mass market gross gaming revenue recovered to 93 percent of pre-COVID levels in July 2023, reaffirming the bullish outlook over Macau gaming, say analysts.

More and more investment bank studies affirm the positive impact of non-gaming activities on financial results. This time, Citigroup says there is apparently a positive impact that the Jacky Cheung concerts bring to Macau's gaming operator Sands.

The Chinese government’s intermittent efforts to crack down on gambling have been a favor to consider for Asian gaming industry, but there are growing concerns that this time Beijing may not relent.