Macau GGR reaches $1.58B in 18 days of May: Citigroup 

Macau’s gross gaming revenue (GGR) has reached MOP12.7 billion ($1.58 billion) in the first 18 days of May, according to a Citigroup investment memo released on Monday.

Analysts George Choi and Timothy Chau maintain their May 2025 GGR forecast unchanged at MOP21 billion ($2.61 billion). If realized, May’s GGR could be the highest month this year, and also the only month to top the MOP20 billion ($2.5 billion) threshold that Macau’s budget plan has projected.

The gaming revenue figures suggest a daily run rate of approximately MOP706 million ($87.6 million) during the first 18 days, with the week of May 12th-18th averaging roughly MOP593 million ($73.6 million) per day. Citigroup notes this performance aligns with typical seasonal patterns following the Labor Day holidays in early May.

Industry sources indicate both VIP and mass market segments showed positive momentum. VIP volumes expanded 10 to 12 percent month-on-month, while mass market GGR grew 6 to 8 percent sequentially. Additionally, VIP hold rates appeared higher compared to the previous week, contributing to the overall revenue performance.

Macau’s entertainment calendar features several high-profile concerts for the remainder of May. Singer Sammi Cheng will perform two additional shows on May 24th and 25th, followed by Show Lo’s concert on May 31st. Leon Lai will also begin his 10-show series with the first performance on May 31st.

The current GGR trajectory positions May 2025 revenue at approximately 81 percent of May 2019 levels, representing a 4 percent yearly increase. This performance reflects the continued recovery of Macau’s gaming sector following the challenges of recent years.

It is worth noting that the first week of the month showed robust performance, with strong GGR growth and visitation figures that exceeded expectations. According to channel data, Macau’s GGR reached MOP5.1 billion ($633 million) during the first five days of May – the May Day Golden Week in mainland China – averaging MOP1.02 billion ($127 million) per day. This represented strong year-over-year growth of 12 percent despite a higher 2024 base, reaching more than 90 percent of pre-pandemic levels for the same period.

Macau recorded 850,000 visitor arrivals during mainland China’s 5-day Labor Day holiday, averaging 170,000 daily. This represented a 40.7 percent increase from last year, breaking post-pandemic records, according to the Macau Government Tourism Office.