Three key drivers supporting strong GGR performance
The Citigroup analysts maintain their bullish stance on Macau, identifying three primary drivers expected to fuel continued GGR growth. First, concerts and events represent ‘a proven model in Macau,’ with recent data showing that big-name performers such as Jacky Cheung and Eason Chan have successfully attracted high-value players and boosted overall gaming revenues.
The upcoming entertainment calendar includes the aforementioned NBA China Games at the Venetian Arena and concerts by Jackson Wang and Lu Han at Galaxy Arena—events the analysts are particularly monitoring for their potential impact on gaming volumes.
Also, side bets are ‘enhancing casino hold rates,’ as operators increasingly motivate players to engage with additional wagering options, including progressive jackpots and luxury prize draws such as Rolex Daytona watches. The analysts expect the growing popularity of these to provide an extra boost to GGR performance.
Furthermore, data collected through Citigroup’s proprietary table survey indicate that ‘players remain passionate about gaming activities,’ suggesting sustained underlying demand for gaming services.
Upgraded GGR forecasts for 2025–2026
Based on these positive indicators, Citigroup is raising its fiscal year 2025 GGR yearly growth forecast from 7 percent to 10 percent, reaching MOP248.6 billion ($31.1 billion). This revision implies 14 percent annual growth for the remainder of the year. The firm is also upgrading its fiscal year 2026 GGR growth forecast from 5 percent to 7 percent, totaling MOP265.5 billion ($33.3 billion).
The analysts note that their proprietary table survey has consistently indicated since April 2025 that gaming demand, particularly in the Premium Mass segment, ‘remains robust.’ The rich concert and event calendar being assembled by casino operators over the coming months is expected to continue appealing to premium players.
Additionally, the six major casino operators have been introducing new side bets to their baccarat games, which are ‘significantly enhancing house advantages’ and showing signs of pushing up casino hold rates, making the analysts more confident in their current GGR forecasts.
Dingnews.com 11/09/2025