Macau casino revenues got a boost in March, building on momentum that began during Chinese New Year. Citigroup has projected gross gaming revenue of MOP5.65 billion (US$702 million) through 8 March, for a daily run-rate of about MOP706 million. That aligns with the bank’s monthly forecast of MOP22.5 billion, up about 14% over March 2025.
The positive early results may have been buoyed by a strong entertainment calendar at casino resorts in the special administrative region. “Concerts by Korean boy band Treasure at the Venetian Arena, Chinese singer-songwriter Wang Sulong and Korean girl group Aespa at Galaxy Arena might have contributed to Macau’s solid start in March,” wrote analysts George Choi and Timothy Chau in a note this week.
Based on industry sources, they added, VIP volumes dipped 2% to 4% compared to February. Mass GGR dropped “circa 3% to 5% month-on-month. VIP hold rate appears to be slightly above normal.”
Analysts foresee monthly 10%-14% growth in Macau
Citi is “conservatively” maintaining its March GGR forecast at MOP22.5 billion, up 14% over March 2025. Citi’s forecast implies an average of about “MOP733 million a day for the rest of the month”.
Earlier this month, JPMorgan projected growth of more than 10% for March, based on MOP700 million per day. That outcome would boost first-quarter totals from between 13% and 14%.
Seaport Research Partners, meanwhile, projected a GGR increase of 12.5% for March, despite a 2.7% decline in average daily revenues from January and February. Seaport senior analyst Vutaky Umansky expects first-quarter GGR growth of 13.4%, decelerating to mid-single-digit growth in Q2.
Marjorie Preston
Marjorie began her gaming career in 2007 and has focused on Asian gaming markets since 2020. Outside of work, she writes about travel and film and plays the drums.
Original article: https://igamingbusiness.com/casino/citi-march-off-to-a-good-start-in-macau-as-ggr-up-11/
