Core Viewpoint - Citi's report indicates that Macau's total gaming revenue for the first 25 days of January reached 17.8 billion MOP, showing a year-on-year increase of 18% in average daily revenue compared to January of the previous year [1] Group 1: Revenue Performance - The average daily revenue for the week ending January 12 was approximately 693 million MOP, which is about 1% lower than the previous week [1] - The total gaming revenue forecast for January remains at 21.5 billion MOP, indicating a year-on-year growth of 18%, requiring an average daily revenue of approximately 617 million MOP for the last six working days of the month [1] - The combined total gaming revenue forecast for January and February is maintained at 42 billion MOP, reflecting a year-on-year increase of 10.5% [1] Group 2: Segment Performance - The VIP room betting and mass gaming revenue segments have shown a month-on-month increase of approximately 6% to 8% [1] - However, the win rate in VIP rooms is reported to be lower than the level observed in the week ending January 19 [1]

Group 1 - The core viewpoint of the report indicates that Macau's total gaming revenue for the first 25 days of January reached 17.8 billion MOP, with an average daily revenue of approximately 693 million MOP for the previous week, which is about 1% lower than the week of January 12, but still 18% higher than the average daily revenue in January of the previous year [1] - The company maintains its forecast for January's total gaming revenue at 21.5 billion MOP, representing an annual growth of 18%, implying that the average daily revenue for the last six working days of the month needs to reach approximately 617 million MOP [1] - The company also keeps its combined forecast for total gaming revenue from January to February at 42 billion MOP, indicating an annual growth of 10.5% [1]

Core Viewpoint - Macao's average daily gaming revenue increased to 700 million Macanese Patacas last week, reflecting an 8% week-on-week rise, with VIP room win rates returning to normal levels [1] Group 1: Gaming Revenue Projections - If the average daily gaming revenue remains between 660 million to 750 million Macanese Patacas for the rest of the month, total gaming revenue for December is projected to reach between 21.3 billion to 22.2 billion Macanese Patacas, representing a year-on-year increase of 17% to 22% [1] Group 2: Preferred Stocks - The preferred stock is Galaxy Entertainment, with a target price of 57.5 Hong Kong dollars and a rating of "Outperform," attributed to its strong property project reserves and ample hotel room supply [1] - The Capella Hotel, expected to fully operate by the end of this year, is anticipated to enhance the company's market share in the high-end segment [1] Group 3: Other Investment Recommendations - Investors are advised to reconsider Sands China and MGM China, given their market share growth and attractive valuation levels, with target prices set at 25.2 Hong Kong dollars and 22.6 Hong Kong dollars, respectively, both rated "Outperform" [1]

Group 1 - The core viewpoint of the article indicates that Macau's total gaming revenue for the first seven days of December is approximately 5.2 billion MOP, with an average daily revenue of about 743 million MOP, representing a 6% increase from November and a 27% increase year-on-year [1] - The report suggests that an event held at the Galaxy Arena on December 6 contributed to the strong start in early December [1] - The company maintains its conservative forecast for total gaming revenue in December at 22 billion MOP, which corresponds to a year-on-year growth of 21% and 96% of the revenue from November 2019, implying an average daily revenue of about 700 million MOP for the remaining days of the month [1]