Citibank: Raises Macao's July gambling total revenue forecast to 21 billion Macao patacas.

Citibank released a research report indicating that, according to industry sources, the total gambling revenue in Macau from the first to the 13th of July reached 9.05 billion Macau patacas. This means that the average daily revenue for the week from the 7th to the 13th of July was 679 million Macau patacas, a decrease of about 5% compared to the first 6 days of July, but still 13% higher than the average for July last year. The bank believes that the decrease is not unexpected, as the Jacky Cheung concert ended on July 6th, and they believe that the decrease is slightly lower than expected. In addition, VIP gambling volume remained roughly stable on a monthly basis, while mass market GGR increased by 0 to 3%; VIP win rate decreased compared to the first 6 days of the month. Therefore, the bank has raised its July GGR forecast from 20 billion Macau patacas to 21 billion Macau patacas, representing a 13% year-on-year increase, 86% of the 2019 level. It is estimated that the average daily GGR for the remaining days in July will be 664 million Macau patacas.