Macau’s gaming revenue in early March is showing solid year-on-year growth, supported in part by large-scale concerts held at the city’s integrated resorts, according to a research note from Citigroup.
Based on industry sources, Citigroup estimated Macau’s gross gaming revenue (GGR) for the first eight days of March reached around MOP5.65 billion ($702 million), implying a daily run-rate of approximately MOP706 million ($87.7 million).
Citigroup maintained its full-month forecast for March 2026 GGR of MOP22.5 billion ($2.8 billion), representing growth of about 14 percent compared with March last year.
While the early-month run rate is about 4 percent lower than February 2026’s daily average of MOP737 million ($91.6 million), it is roughly 11 percent higher than the same period in March 2025, when daily GGR averaged about MOP634 million ($78.8 million), Citigroup analysts George Choi and Timothy Chau said in a flash note.
The brokerage said the solid start to the month may have been supported by entertainment events hosted at major resorts, including concerts by Korean boy band TREASURE at the Venetian Arena, Chinese singer-songwriter Wang Sulong, and Korean girl group aespa at Galaxy Arena.
‘We believe concerts […] might have contributed to Macau’s solid start in Mar-26’, the analysts wrote.
To reach Citigroup’s forecast of MOP22.5 billion for the month, Macau’s casinos would need to generate an average daily GGR of roughly MOP733 million for the remainder of March, according to the report.
Citigroup also noted that gaming volumes showed some month-on-month moderation. Based on industry checks, VIP volumes declined around 2 percent to 4 percent month-on-month, while mass-market GGR fell roughly 3 percent to 5 percent month-on-month. VIP hold rates during the period appeared to be slightly above normal levels, the analysts added.
