Citibank: Downgrade Macau February gaming revenue forecast to MOP 19.5 billion

Citi reports that, according to industry sources, the total gaming revenue in Macau for the first 22 days of February may have reached approximately 14.3 billion MOP. This means the average daily revenue last week was about 786 million MOP, roughly 8% higher than the average daily gaming revenue of about 730 million MOP on January 26, and about 45% higher than the weekly average of approximately 543 million MOP on the week of February 9. Although the gaming revenue during the fourth to sixth days of the Lunar New Year was strong, averaging around 1.2 to 1.3 billion MOP per day, the VIP lounge win rate in the first four days of that week was significantly below normal levels. Industry sources indicate that VIP gaming volume decreased by approximately 8% to 10% month-on-month, while mass-market gaming revenue declined by about 10% to 12%. Due to weaker-than-expected trends before the Lunar New Year, the bank has lowered its February gaming revenue forecast from 20 billion MOP to 19.5 billion MOP, representing a 1% year-on-year decline.