Two consecutive months of higher gaming revenues than anticipated and a strong start to June likely indicate that Macau is reaching a permanent inflection point, with Citigroup forecasting year-on-year growth of 6% for the second half of 2025.
In a Wednesday note, Citi’s George Choi and Timothy Chau said improved GGR performance and stable spend per visitor to Macau suggests players remain passionate about gaming and that the trade conflict between the US and China has not dissuaded them from playing.
“This bodes well for GGR growth in 2H25,” Citi said. “With a glamorous event/concert lineup put together by operators, Macau is expected to see 6% year-on-year GGR growth, translating to a 4% growth for FY25 at MOP$235.7 billion (US$29.1 billion), on our estimates.”
