Macau GGR hits $1.82B in first 23 days of March: Citigroup
Macau’s total gross gaming revenue (GGR) for the first 23 days of March amounted to MOP14.6 billion ($1.82 billion), according to estimates from Citigroup. According to Monday’s investment memo, this represents a daily run rate of MOP643 million for the week between 17-23 March. This daily run rate marked a 3 percent increase from MOP621 million registered the previous week.
Decline in VIP and mass market segments
While the overall performance appears positive, VIP gaming volumes witnessed a decline of between 8 to 10 percent month-over-month, signaling weaker demand from high-rollers. Similarly, the mass market segment declined by 7 to 9 percent in GGR compared to the previous month. These declines point to challenges in both key markets. However, the slight weekly GGR increase may be attributed to a higher VIP hold rate, instead of an increase in overall gaming activity.
When comparing the current daily GGR run rate of MOP635 million to the same period in March 2024, the numbers are largely flat. In March 2024, the daily GGR registered was MOP629 million. Citigroup analysts have kept their March 2025 GGR forecast unchanged at MOP19.5 billion. This forecast is a significant figure, accounting for approximately 75 percent of the levels recorded in March 2019, which was a peak year for Macau’s gaming industry.
Flat year-over-year performance
Analysts note that this forecast remains flat year-over-year, underlining a more conservative outlook for the future of the market. To meet the current forecast of MOP19.5 billion for March 2025, the remaining days of the month would need to average a daily GGR of MOP613 million.
Several analysts, including J.P. Morgan, Seaport Research Partners and Morgan Stanley have projected Macau’s GGR for March will range between MOP19 billion and MOP20.5 billion. The projections came shortly after Macau witnessed a rise in February 2025 GGR. Macau’s Gaming Inspection and Coordination Bureau (DICJ) reported total gaming gross revenue (GGR) was up 6.8 percent year-on-year to reach MOP19.74 billion ($2.46 billion).
The GGR for February came in 8.2 percent higher than the corresponding period last year, when gaming revenue reached MOP$18.3 billion. For the combined two months of 2025, GGR reached MOP$38.0 billion, this is up 0.5 percent compared with the same period last year. February’s result comes after operators reported strong post-Chinese New Year demand which helped soften the blow that the city’s casinos faced during the “softer than originally forecast” Lunar New Year Golden Week.
