Citi: Jacky Cheung concerts boost premium mass gaming in June

A series of concerts by Hong Kong pop icon Jacky Cheung is largely credited with generating more gross gaming revenue (GGR) in June than previously forecast, according to a recent memo from Citigroup.

The investment bank highlighted that Cheung’s residency at the Galaxy Arena sparked a significant increase in foot traffic at Galaxy Macau, positively impacting the premium mass gaming segment.

Citigroup analysts George Choi and Timothy Chau attributed “all the positive findings” from their monthly Macau table game survey to Cheung’s performances, noting that the series of concerts helped drive a 58% year-over-year increase in total wagers, reaching HKD15.8 million.

“We won’t be surprised if Macau generates more GGR than what we forecast for June 2025, MOP19.0 billion, up 5% year-over-year,” the memo added.

The positive momentum from entertainment events like Cheung’s residency is seen as improving player quality.

The number of premium mass players observed by the analysts rose 16% year-over-year to 629. The average wager per premium mass player climbed 36% year-over-year to HKD25,130.

Moreover, the number of high-stakes “whales” more than doubled to 35, from the 16 observed by the group in June 2024. The average wager per ‘whale’ was up 4% year-over-year, reaching HKD216,343.

Galaxy Entertainment Group’s decision to host Cheung at the Galaxy Arena is seen as having struck the right note, added the analysts, with other operators also reportedly leveraging the series of concerts.

“We believe other operators are also benefiting – some of them have purchased tickets as comps for their Grade-A players,” the analysts added.

Citi noted that Wynn Macau also gained a larger share of premium mass wagers, particularly in its Chairman Club, capturing around 35% of the market compared to 24% a year earlier.

Jefferies Equity Research also recently projected that June’s gambling revenue could rise as much as 14%, buoyed by strong premium mass performance.