Citi Revises Macau August Gaming Revenue Estimate Downward to MOP 23 Billion on Softening VIP Win Rate

Stock News
08/18

Citi has released a research report indicating that Macau's estimated gaming revenue for the first 16 days of August stands at approximately MOP 11.65 billion. The daily average gaming revenue over the past week was around MOP 721 million, slightly lower than the MOP 733 million average seen in the first nine days of August, but marginally higher than the MOP 715 million daily average recorded in August of the previous year.

During this period, VIP gaming volume saw a month-on-month increase of approximately 12% to 15%, while mass market gaming revenue grew by around 9% to 10% month-on-month. However, the VIP win rate appears to have moderated compared to the first nine days of August.

Looking ahead, Citi noted that a series of upcoming concerts and events in Macau are expected to further drive gaming revenue recovery. These include performances by Zhang Yixing at the Venetian Arena, South Korean girl group (G)I-DLE at the Galaxy Arena, and the FNC Band Kingdom 2026 event at the Londoner Arena.

As a result, the firm has revised its August gaming revenue forecast down from MOP 23.5 billion to MOP 23 billion, representing a year-on-year increase of 4%. Citi projects that the daily average gaming revenue for the remainder of the month will be approximately MOP 757 million.

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