Macau’s gross gaming revenue is estimated at MOP$14.6 billion (US$1.82 billion) for the first 23 days of March combined, implying a daily run rate of MOP$643 million (US$80.2 million) over the last seven days, according to a note from Citi analysts George Choi and Timothy Chau.
Based on information from industry sources, this would suggest a 3% increase over the prior week, although gaming revenue is still tracking lower on a daily basis than in February. Citi said VIP volumes are down by between 8% and 10% month-on-month while mass GGR is down by between 7% and 9%.
“The month-to-date daily GGR run rate of MOP$635 million (US$79.2 million) is largely flat year-on-year versus the full month of March 24,” the analysts explained.
“We therefore keep our March 2025 estimated GGR forecast unchanged at MOP$19.5 billion (US$2.43 billion), conservatively implying GGR to average MOP$613 million (US$76.5 million) a day for the rest of the month.”
This would, they added, keep March GGR flat year-on-year and at around 75% of March 2019 levels.
Many industry analysts have recently lowered their 2025 Macau GGR forecasts due to a slower than expected start to the year, although most also expect revenues to accelerate in 2H25 as recent China stimulus measures targeting the mass domestic market start to have an impact.
