Macau’s casino gross gaming revenue (GGR) for the first 16 days of November was likely to have reached MOP11.1 billion (US$1.39 billion), or MOP671 million a day, suggested Citigroup in its latest memo on the sector, citing its industry checks.
The institution said the second week of the month showed a “circa 6-percent moderation in GGR run-rate versus that of the first nine days of November 2025 (about MOP711 million a day)”.
“We suspect the minor moderation in GGR is attributable to some hotel rooms being occupied by the athletes participating in the National Games, leading to a temporary small decline in average players’ length of stay (and play),” stated the institution.
Macau is co-hosting along with Guangdong province and Hong Kong the 15th National Games of the People’s Republic of China. The opening ceremony for the games was held in Guangzhou, Guangdong, on November 9, and the gathering runs until November 21.
As per Citi’s note, “VIP volumes declined about 6 to 8 percent month-on-month and mass GGR fell circa 8 to 10 percent month-on-month” in the November 1 to 16 period.
“VIP hold rate appears to be little changed versus the first nine days of the month,” said the institution.
It added: “We conservatively keep our November 2025 estimate GGR forecast of MOP20.5 billion unchanged – approximately 90 percent of November 2019; +11 percent year-on-year –, implying GGR to average about MOP671 million a day for the rest of the month.”
In September, Citi said it was raising its casino GGR forecast for Macau to MOP248.6 billion, representing a circa 10-percent increase year-on-year.
Such growth is expected to be driven by an array of concerts and events hosted by the city’s casino operators, and an “increasing popularity” of baccarat side bets in the Macau market, stated the institution at the time.
