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<Research>Citi Raises Macau Jul GGR Forecast to MOP20B
According to industry sources, Macau's GGR for the first six days of July may have already reached around MOP4.3 billion, meaning that the average daily GGR reached about MOP71...
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<Research>Citi Raises Macau Jul GGR Forecast to MOP20B
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According to industry sources, Macau's GGR for the first six days of July may have already reached around MOP4.3 billion, meaning that the average daily GGR reached about MOP717 million, roughly 2% higher than June 2025 (average daily GGR of about MOP702 million) and around 30% higher than the July 2024 average level (average daily GGR of about MOP600 million), Citi released a research report noting.

The broker attributed this strong performance to Jacky Cheung's final three concerts last weekend. As revealed by industry sources, VIP volumes remained largely flat compared to last month, while Mass GGR grew by about 2-4% MoM. The VIP hold rate also appeared to be above normal levels.

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Although Macau will host concerts by Aaron Kwok (at Studio City) and Sandy Lam (at Venetian Arena) later this month, Citi expects Macau's average daily GGR to slow down after Cheung's concert series.

Consequently, the broker conservatively raised its forecast for Macau's GGR in July 2025 from MOP19.5 billion to MOP20 billion (about 82% of the levels seen in July 2019; up 8% YoY), implying that the average daily GGR for the remainder of July 2025 will be around MOP628 million.

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