Citibank: Macau's total gaming revenue in October is estimated to be MOP 25 billion, an average of about 800 million yuan per day, up 4% year-on-year

The Zhitong Finance App learned that the Macau Gaming Inspection and Coordination Bureau announced yesterday that Macau Gaming Revenue (GGR) of 18.063 billion patacas (same below) in September fell 1.2% year on year, falling short of market expectations of 2.2% and falling 17.5% month on month; the above figure was about 82% in September 2019, in line with the bank's expectations of 18 billion yuan, but about 3% lower than market expectations (18.7 billion yuan).

Citi quoted industry sources as saying that the implied average daily gaming revenue for the last 10 days of September (about 586 million yuan) was about 4% lower than the previous 20 days (about 610 million yuan). The bank believes that some gamblers may have postponed their Macau itinerary and are planning to go during the Golden Week on the 11th National Day.

Looking ahead, Citi expects total gaming revenue of 25 billion yuan in October 2026 (an average daily average of about 806 million yuan, an increase of 4% over the previous year). This means that the average daily revenue during the 7-day National Day Golden Week was 1.05 billion yuan (down 5% from the first 5 days of October 2025, according to industry sources), 900 million yuan for the period from October 8 to 11, and 703 million yuan for the rest of the month. The bank believes that various large-scale events (such as the NBA China game, Zhang Liangying, Enhypen, and Ren Xianqi's concerts) are expected to support Macau's gaming revenue momentum after Golden Week.