Citi: Maintains Macau September gaming revenue forecast at MOP 18 billion; October's packed calendar of events bodes well for gaming revenue recovery.

Citi released a research report maintaining its September 2026 Macau gaming revenue forecast unchanged at MOP 18 billion, down 2% year-on-year, implying average daily gaming revenue of approximately MOP 580 million for the remaining days of September. According to industry sources, Macau's gaming revenue for the first 20 days of September is estimated at approximately MOP 12.2 billion, with average daily gaming revenue of about MOP 614 million last week, up 5% from approximately MOP 586 million in the week of September 7, and also up 1% from the average daily figure of approximately MOP 610 million in September 2025. The bank noted that according to industry sources, VIP baccarat rolling chip volume declined approximately 15% to 18% month-on-month, while mass market gaming revenue fell approximately 13% to 16% month-on-month. Last week's VIP baccarat win rate appeared to be higher than the week of September 7. The bank expects that October will feature multiple large-scale events and concerts, including Rene Liu, Jane Zhang, Korean boy band Enhypen, and Richie Jen at Galaxy Arena; Sara Landry's "Chapter One" at Londoner Arena; the NBA China Games at Venetian Arena; and Jonathan Lee at MGM Cotai, among others, which are expected to reignite gaming revenue recovery.