2月博彩毛收入低于市场预期，恢复至2019年的81.3%

Investment Rating - The report does not explicitly provide an investment rating for the industry [13]. Core Insights - Macau's gaming gross revenue (GGR) for February 2026 reached MOP 2.0627 billion, reflecting a year-on-year increase of 4.5% but falling short of market expectations, recovering to 81.3% of the 2019 level [14]. - The average daily GGR in February was MOP 737 million, a slight increase of 0.9% from January [14]. - Despite the longer Chinese New Year holiday in 2026 compared to 2025, the GGR growth rate remained in single digits, indicating a slight weakness in the industry [14]. - For January and February combined, GGR increased by 13.8% year-on-year, reaching 86% of the 2019 level [14]. - The forecast for March 2026 GGR growth has been adjusted downwards to approximately 10%, expected to reach 83.7% of the 2019 level [14]. Summary by Sections Gaming Revenue - February 2026 GGR was MOP 2.0627 billion, up 4.5% YoY, down 8.9% MoM, and at 81.3% of 2019 levels [14]. - The average daily GGR for February was MOP 737 million, slightly up from MOP 730 million in January [14]. Visitor Statistics - In December 2025, the number of inbound visitors to Macau was 3.58 million, a 17.8% increase YoY, and 116% of the 2019 level [15]. - The number of visitors from mainland China was 2.51 million, up 22.6% YoY, accounting for 70% of total visitors [15]. Hotel Occupancy - The hotel occupancy rate in Macau for December 2025 was 90.4%, up 1.2 percentage points YoY, but down 1.6 percentage points from 2019 [16]. - The average stay duration for hotel guests was stable at 1.7 nights [16].