Citigroup raises Macau GGR forecast to US$29bn

Citigroup has revised its forecast for 2024 due to strong January results.

Macau.- Analysts at Citigroup have revised their 2024 outlook for Macau’s gaming sector, forecasting gross gaming revenue (GGR) of MOP231.3bn (US$29bn). George Choi and Ryan Cheung attributed the revision to January’s performance (around MOP19.34bn (US$2.4bn, up 67 per cent year-on-year).

They noted that the usual pre-Chinese New Year slowdown had not yet occurred and that Enhypen concerts at Galaxy Arena had helped maintain tourism and spending activity in Macau. 

Citigroup’s full-year forecast would represent a 79 per cent recovery compared to pre-Covid 2019 levels. Analysts anticipate a potential rise in casino revenue for February, increasing their initial prediction from MOP18.5bn to MOP19.5bn. They forecast a daily run-rate of MOP567m for the first 11 days of February, a rise to MOP900m from February 12 to 17 during Chinese New Year celebrations, and then MOP655m. 

Secretary for economy and finance Lei Wai Nong has said that Macau’s GGR target for 2024 is MOP216bn (US$26.8bn). 

Citigroup has revised its forecast for 2024 due to strong January results. Macau.- Analysts at Citigroup have revised their 2024 outlook for Macau’s gaming sector, forecasting gross gaming revenue (GGR)…