Citi has released a research report reaffirming its Macau gaming revenue projection for September 2026, keeping the figure at MOP 18 billion, which represents a 2% year-on-year decline. This implies that the average daily gaming revenue for the remaining days of September would be approximately MOP 580 million.

According to industry sources, Macau's gaming revenue for the first 20 days of September is estimated to have reached around MOP 12.2 billion. The average daily revenue last week was approximately MOP 614 million, marking a 5% increase compared to the week of September 7, which recorded about MOP 586 million per day. This figure also stands 1% higher than the daily average of approximately MOP 610 million seen in September 2025.

The bank noted that, based on industry intelligence, VIP betting volumes have declined by roughly 15% to 18% month-on-month, while mass market gaming revenue has fallen by approximately 13% to 16% during the same period. However, VIP win rates appeared to be stronger last week compared to the week of September 7.

Citi anticipates that October will feature a series of major events and concerts that could help reignite gaming revenue growth. These include performances by Rene Liu, Jane Zhang, Korean boy band Enhypen, and Richie Jen at the Galaxy Macau Galaxy Arena, Sara Landry's "Chapter One" at The Londoner Arena, the NBA China Games at The Venetian Macao's Cotai Arena, and Jonathan Lee's concert at MGM Cotai's MGM Theater. These activities are expected to provide a fresh catalyst for the recovery of Macau's gaming sector.