Citi: Expects Macau October gross gaming revenue at MOP 25 billion, daily average about MOP 800 million, up 4% year-on-year.

Citi released a research report stating that Macau's Gaming Inspection and Coordination Bureau yesterday announced that September Macau gross gaming revenue (GGR) was MOP 18.063 billion (same unit below), down 1.2% year-on-year, marking four consecutive months of decline and missing market expectations of a 2.2% increase, while falling 17.5% month-on-month; the above figure is approximately 82% of September 2019, in line with the bank's expectation of MOP 18 billion, but about 3% below the market consensus of MOP 18.7 billion. Citi cited industry sources as saying that the implied daily average gaming revenue for the last 10 days of September (about MOP 586 million) was about 4% lower than that of the first 20 days (about MOP 610 million). The bank believes some gaming customers may have postponed their Macau trips, planning to visit during the National Day Golden Week. Looking ahead, Citi expects October 2026 gross gaming revenue to be MOP 25 billion (daily average of about MOP 806 million, up 4% year-on-year). This implies a daily average revenue of MOP 1.05 billion during the 7-day National Day Golden Week (according to industry sources, down 5% from the first 5 days of October 2025), MOP 900 million during October 8-11, and MOP 703 million for the remainder of the month. The bank believes various major events (such as the NBA China Games and concerts by Jane Zhang, Enhypen, and Richie Jen) are expected to support Macau's gaming revenue momentum after the Golden Week.