Goldman Sachs(US:GS) 智通财经网·2026-02-03 07:57Core Viewpoint - Goldman Sachs reports that Macau's total gaming revenue (GGR) in January exceeded market expectations, growing by 24% year-on-year to MOP 22.6 billion, reaching 91% of 2019 levels, with an acceleration from the 15% growth seen in the previous quarter [1] Group 1: Revenue Performance - The average daily gaming revenue was MOP 730 million, compared to MOP 718 million in the previous quarter [1] - The strong performance is attributed to a healthy visitor volume, with mainland visitor numbers increasing by 18% year-on-year [1] Group 2: Future Expectations - The firm anticipates a strong performance during the Lunar New Year holiday, based on a low comparison base from last year and a longer holiday this year, alongside sustained domestic tourism demand [1] - Assuming gaming revenue is 25% to 35% above trend levels, estimated daily revenue could reach MOP 850 million to MOP 900 million [1] Group 3: Impact of Events - The firm does not expect the Winter Olympics to divert gaming demand, and while the World Cup in June and July may have some impact, it is projected to affect monthly revenue by no more than 5% [1] - The firm maintains that gaming revenue will continue to show healthy growth in the first half of the year, forecasting year-on-year growth of 17% and 8% for the first and second quarters, respectively [1]