Macau’s gross gaming revenue (GGR) for March is expected to reach MOP22 billion ($2.74 billion), representing a year-on-year increase of about 12 percent, according to an investment memo released by Citigroup on Monday.
The forecast reflects stable demand trends despite softer VIP performance.
Based on industry sources, GGR for the first 22 days of March reached approximately MOP15.6 billion ($1.94 billion), implying a daily run rate of about MOP721 million ($90.1 million) in the most recent week. This was roughly 3 percent higher than the prior week and 14 percent above the same period last year.
Citigroup analysts George Choi and Timothy Chau maintained their full-month estimate, projecting average daily GGR of roughly MOP711 million ($88.9 million) for the remainder of March. They noted that entertainment events could help sustain momentum, specifically pointing to concerts by ATEEZ at the Venetian Arena and Mark Tuan of GOT7 at Studio City Event Center over the coming weekend.
Segment performance remained mixed. VIP volumes declined by approximately 10 to 12 percent month-on-month, while mass GGR was broadly flat, down between 0 and 2 percent.
VIP hold rates were also lower than the previous week, suggesting continued volatility in the high-end segment.
Despite these headwinds, Citigroup said overall GGR trends remain stable, supported by steady mass-market demand and event-driven visitation.
