Macquarie lowered its 1Q26 adjusted EBITDA forecasts for Macau's major casinos by 3.5% due to a lower win rate in February and margin pressure. The firm anticipates ongoing market share competition, which will impact casino margins. Despite this, Macquarie's top pick is GALAXY ENT, rated as Outperform with a target price of HKD 55.4, due to its strong property development projects.