Macau’s gross gaming revenue (GGR) is expected to fall by 5 percent year-on-year to MOP21.0 billion ($2.60 billion) in July, according to Citigroup, despite signs of accelerating casino play as disruption from the FIFA World Cup fades.
The brokerage estimated that GGR reached about MOP12.05 billion ($1.49 billion) during the first 19 days of July. Average daily revenue rose by 9 percent week-on-week to approximately MOP679 million ($84.0 million) last week, compared with MOP621 million ($76.8 million) in the week beginning July 6th.
Citigroup analysts George Choi and Timothy Chau attributed the improvement partly to the lighter World Cup schedule. Three matches were held last week, compared with eight during the preceding week.
According to industry sources cited by the analysts, VIP rolling volume increased by between zero and 2 percent week-on-week, while mass-market GGR remained broadly unchanged. VIP hold was also reportedly higher than in the previous week.
Citigroup maintained its July forecast, which implies average daily GGR of approximately MOP746 million ($92.3 million) over the remaining 12 days of the month.
With the World Cup now concluded, the brokerage expects Macau’s gaming market to recover quickly, supported by the city’s upcoming calendar of entertainment events.
Macau’s GGR fell to MOP18.52 billion ($2.29 billion) in June, down 12.1 percent year-on-year and 18.1 percent from May. However, first-half casino revenue still reached MOP126.90 billion ($15.70 billion), up approximately 6.8 percent from the same period in 2025.
