Citi Reports Nearly 19% Year-Over-Year Increase in MO Average Daily GGR Last Week; Maintains January GGR Forecast at MOP21.5B

Macau's GGR Performance: Macau's gross gaming revenue (GGR) for the first 18 days of January reached MOP12.95 billion, with an average daily GGR of approximately MOP700 million, reflecting a 1% increase from the previous week and a 19% growth compared to January 2025.

Consumer Spending Trends: The increase in average daily GGR indicates that affluent Chinese consumers are continuing to spend on both gaming and non-gaming offerings in Macau, as supported by a field survey conducted by Citi Research.

Forecast for January 2026: Citi Research has maintained its GGR forecast for January 2026 at MOP21.5 billion, which represents an 18% year-over-year growth.

Combined GGR Outlook: The combined GGR forecast for January and February is set at MOP42 billion, indicating a projected 10.5% year-over-year increase.