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Macau’s casino gross gaming revenue (GGR) reached an estimated MOP9 billion ($1.12 billion) in the first 14 days of June, with the pace of growth slowing after the start of the FIFA World Cup, according to a note from Citigroup.
The investment bank said Macau’s daily GGR run rate averaged about MOP586 million in the week ended June 14, down 20% from May’s average daily revenue of roughly MOP729 million. The figure was also 16% lower than the approximately MOP700 million daily average recorded during the first week of June.
Citi attributed the softer performance to the start of the FIFA World Cup on June 11, saying the slowdown was “likely due” to the tournament “taking away some Macau players’ betting budgets”. In a separate note, the bank said the competition was diverting part of players’ gambling budgets towards sports betting.
The World Cup, which runs through July 19, features an expanded format of 48 teams competing across 104 matches. Citi had previously said the tournament’s impact on Macau casino revenue could be more pronounced than in previous editions.
The bank added that VIP hold in the second week of June appeared “slightly lower” than in the previous week, while a separate report noted declines in both VIP and mass-market gaming volumes.
Despite the weaker momentum in the first half of the month, Citi maintained its June GGR forecast of MOP19 billion, which would represent a 10% decline from a year earlier.
To meet that target, Macau casinos would need to generate an average of about MOP625 million per day for the remainder of June, according to Citi’s calculations.
The bank noted that entertainment events scheduled later this month could help support visitor arrivals and gaming demand. Galaxy Entertainment Group is hosting concerts by Hong Kong singer Keung To, while Sands China is staging performances by Taiwanese singer Wakin Chau at the Londoner Arena.
“We believe these could help mitigate the potential GGR decline,” Citi said.