Fuhui: Neutral outlook on Macau gaming stocks, expects September gaming revenue to increase by 9% year-on-year.

Fitch released a research report stating that as of September 6, during the first six days, Macau's average daily gaming revenue was approximately 633 million patacas, an increase of 4% year-on-year, but 10% lower than the average daily level in August 2026. The bank holds a neutral view on Macau's gaming stocks, as the year-on-year growth was offset by a lower comparative base. The bank noted that during the month, mass market and VIP room gaming revenues fell by 10% to 12% and 8% to 10%, respectively, with win rates ranging between 3.0% and 3.3%, higher than the normal range. The market and the bank expect September's gaming revenue to grow by 9.5% and 9% year-on-year, respectively, mainly due to the lower base; from September 23 to 24 last year, operations were halted for 33 hours due to a typhoon. September is one of the easiest comparison bases for the remainder of the year, and the market anticipates gaming revenue is likely to return to growth. Fitch pointed out that as high-quality customers in the mass market continue to drive market growth, it remains focused on operators with strong performance records in this segment, namely GALAXY ENT (00027) and Wynn.