Citigroup analysts claim march GGR is recovering slightly but still flat

Analysts from Citigroup claim that March’s gross gaming revenue (GGR) is slightly higher than the previous drop, but warn that the earnings are not enough to show a year-over-year increase.

In the investment bank and financial services weekly memo on local GGR, analysts George Choi and Timothy Chau stated that last week, local casinos should have generated MOP643 million on a daily average, accumulating to about MOP14.58 billion for the first 23 days of March.

The daily average figure represents a 3% increase compared to the previous week (March 10-16), when the daily GGR was MOP621 million.

Despite the noted recovery, March results are averaging a daily GGR of MOP635 million, which the analysts described as “largely flat” when compared year-over-year with the same month in 2024.

Citigroup has forecasted that the GGR for the entire month of March will reach approximately MOP19.5 billion, roughly the same figure recorded in 2024 and about 75% of the pre-pandemic level.

Sources within the industry have noted that both the VIP and mass market sectors have experienced drops. The VIP market has dropped by an average of 9%, while the mass market has decreased slightly less, by an average of 8%. RM