Group 1 - The core viewpoint of the report is that the total gaming revenue in Macau is expected to be between 21-22.4 billion MOP in February 2026, with daily revenue projected at 750-800 million MOP, reflecting a year-on-year growth of 6-13%, but a decline of 12-17% compared to February 2019 [1] - The stock preference ranking for the gaming sector remains unchanged, favoring Sands China (01928), Galaxy Entertainment (00027), MGM China (02282), Wynn Macau (01128), Melco International Development (00200), Melco Resorts & Entertainment (MLCO.US), and SJM Holdings (00880) [1] - In January 2026, Macau recorded a total gaming revenue (GGR) of 22.6 billion MOP, representing a year-on-year increase of 24.0% and a month-on-month increase of 8.4%, exceeding the consensus forecast of 18.5% [1] Group 2 - The strong performance of Macau's gaming industry in January is attributed to several factors: a longer New Year holiday compared to previous years, sustained demand on other days, and diversified activities attracting visitors [2] - The estimated VIP gaming revenue in January 2026 decreased by 46-55% compared to January 2019, while mass gaming revenue increased by 27-37%, with mass revenue accounting for 70-75% of total gaming revenue [2] - In December 2025, the number of visitors to Macau increased by 17.8% year-on-year, reaching 3,580,130, which is 116.1% of the level in December 2019, with an average daily visitor count of 115,488 [2]
中金：料2026年2月博彩总收入将在210-224亿澳门元之间 个股最为偏好金沙中国(01928)