CLSA: Macau September gaming revenue 3% below expectations, October forecast flat year-on-year.

CLSA released a research report stating that Macau's September 2026 gaming revenue fell 1.2% year-on-year to MOP 18.1 billion, about 3% below both the bank's and market expectations. The bank noted that even though the base was low due to casinos being closed for 33 hours during Typhoon Ragasa in the last week of September last year, average daily gaming revenue in the last 10 days of September this year was estimated at about MOP 586 million, still 4% below the estimated average of MOP 610 million for September 1-20. The bank believes this may be related to pre-holiday quietness, but intensifying policy headwinds did not help either. The bank expects October gaming revenue to be flat year-on-year at MOP 24 billion, with an average daily figure of about MOP 776 million, in line with the median market expectation. It maintains GALAXY ENT (00027) as its only top pick in the sector.