Macau’s gross gaming revenue (GGR) reached approximately MOP3.5 billion ($437 million) during the first six days of April, according to Citigroup’s latest investment memo.
This represents a daily run-rate of around MOP583 million ($72.7 million), approximately 8 percent below the MOP632 million ($78.8 million) daily rate from late March.
Analysts George Choi and Timothy Chau note this slowdown is expected, as April typically sees reduced activity before the Labor Day holidays in early May.
Industry sources report VIP volumes fell 6-7 percent month-over-month, while Mass GGR decreased 7-8 percent. Citigroup maintains its April 2025 GGR forecast at MOP18 billion (76 percent of April 2019 levels, down 3 percent year-over-year), assuming daily revenue of approximately MOP604 million ($75.4 million) for the remainder of the month.
In a separate note, Macquarie Equity Research analysts suggest the recent crackdown on illegal money changers will negatively impact April’s GGR.
As reported by AGB, Macau’s Judiciary Police recently dismantled two cross-border criminal syndicates operating illegal money exchange services through jewelry and pawn shops near casinos, arresting 42 individuals. The scheme involved nearly HK$800 million ($103 million), generating illicit profits exceeding HK$21 million ($2.7 million).
