There is a demand for the same data content from several user equipments (UEs) in many wireless communication applications. Physical-layer multicasting combines the beamforming capability of massive MIMO (multiple-input multiple-output) and the broadcast nature of the wireless channel to efficiently deliver the same data to a group of UEs using a single transmission. This paper tackles the max-min fair (MMF) multicast beamforming optimization, which is an NP-hard problem. We develop an efficient semidefinite program-alternating direction method of multipliers (SDP-ADMM) algorithm to find the near-global optimal rank-1 solution to the MMF multicast problem in a massive MIMO system. Numerical results show that the proposed SDP-ADMM algorithm exhibits similar spectral efficiency performance to state-of-the-art algorithms running on standard SDP solvers at a vastly reduced computational complexity. We highlight that the proposed ADMM elimination procedure can be employed as an effective low-complexity rank reduction method for other problems utilizing semidefinite relaxation.