Galaxy Entertainment sees July GGR decline narrow to 5% as World Cup fades

Galaxy Entertainment Group (00027.HK) told Goldman Sachs it expects Macau's July gross gaming revenue to improve after June fell 12% year-over-year as the World Cup diverted gambling spending.

"June's weakness was greater than expected due to the World Cup and a high comparison base from Jacky Cheung concerts," Galaxy Entertainment management said during a meeting with Goldman Sachs on July 2, according to a note from the bank.

June GGR fell 12% year-over-year to about MOP18 billion, compared with 7% growth in May, as the month-long World Cup drew betting away from Macau's casinos. The comparison base was also elevated by Jacky Cheung concerts held during June and July 2025, which had boosted visitation. Galaxy is strengthening its event lineup, inviting Cantonese pop stars Eason Chan and Joey Yung to perform from July 24 to 26 as part of "The Music of Chan Fai Young: King of Pop."

UBS estimated July GGR will range between MOP20 billion and MOP21 billion, assuming average daily revenue of about MOP600 million before the World Cup ends on July 19 and a rebound to MOP700 million to MOP800 million for the remainder of the month. That would narrow the year-over-year decline to between 5% and 11%, from June's 12% drop. UBS maintained its buy rating on Galaxy Entertainment with a price target of HKD53.2.

The guidance from Galaxy's management signals the World Cup's drag on Macau GGR is temporary, with the market expected to recover in the second half of July. Investors will watch weekly GGR data for confirmation of the rebound trend as the company's concert lineup aims to draw visitors from mainland China and Hong Kong.

This article is for informational purposes only and does not constitute investment advice.