Cantopop icon fuels tourism, boosts mass market and slot revenues, reshaping June GGR outlook
Concerts Turn Low Season into Surprise Gaming Revival
Macau’s gaming sector is witnessing an unexpected boom in what is traditionally a slower season, thanks to a string of sold-out concerts by Cantopop legend Jacky Cheung. The performances have not only drawn fans from across the region but have also catalyzed a spike in gross gaming revenue (GGR), prompting analysts to upgrade their forecasts for June 2025.
Investment banks including JPMorgan, Citigroup, and UBS report that average daily GGR between 15 and 22 June reached MOP 685 million (US$85 million)—on par with the strong showing in May and significantly above typical June expectations. For a month that usually sees a post-Golden Week slump, this performance marks a major deviation from seasonal norms.
Analysts Revise Forecasts Amid Strong Mass Market Rebound
According to JPMorgan, GGR for the first 22 days of June totaled MOP 14.8 billion, with mass gaming and slot machine revenues rebounding to 120% of pre-pandemic levels. VIP volumes, however, continue to lag behind, operating at roughly 25–30% of their former strength.
Citigroup has updated its June forecast from MOP 19 billion to MOP 19.7 billion, citing concert-driven footfall and strong consumer spending as key drivers. Meanwhile, HSBC suggests that if current momentum holds, monthly GGR could reach as high as MOP 20.4 billion, marking an 11–15% year-on-year increase.
The concerts—part of a six-show residency running through early July—appear to be stimulating not just direct tourism, but also retail, F&B, and gaming participation, especially in the mass market segment, which is now the backbone of Macau’s post-COVID recovery.
Macau’s Strategic Pivot to Entertainment Pays Off
This surge highlights the success of Macau’s tourism diversification strategy, which places a growing emphasis on non-gaming attractions such as live entertainment, cultural events, and luxury hospitality. Jacky Cheung’s star power has become a live test case for how entertainment can be leveraged to sustain and even boost gaming performance during off-peak periods.
The impact of the concerts is particularly evident when compared to historical trends. From 2015 to 2019, June GGR typically dropped by about 9% compared to May, but this year, the decline is just 2%, thanks to robust visitor volume and prolonged stays tied to the concert dates.
Outlook: Sustained Growth if Momentum Continues
With the remainder of June expected to maintain a daily GGR of MOP 620m–700m, analysts are cautiously optimistic that July could also benefit from spillover effects of the concert series. Continued demand in the mass and slots segments, paired with improving international travel flows, could support a stronger-than-expected Q3 performance for Macau’s gaming operators.
While VIP play remains subdued, the return of middle-class tourism and entertainment-led visitation may signal a more sustainable, diversified path for Macau’s long-term economic resilience.
Bottom Line:
Jacky Cheung’s residency is proving to be more than entertainment—it’s a case study in economic impact. As Macau continues to reinvent itself, integrating world-class entertainment into its tourism and gaming fabric, the results are speaking louder than any encore.
