Group 1 - The core viewpoint of the article indicates a collective decline in Hong Kong gaming stocks, with specific companies like Melco International Development dropping nearly 5% and Galaxy Entertainment nearly 4% [1] - UBS's research report highlights that the average daily gaming revenue in Macau during the Chinese New Year holiday (February 16 to 22) was approximately 786 million MOP, which is below market expectations of around 900 million to 950 million MOP [1] - Due to weaker-than-expected trends before the Lunar New Year, Citigroup has revised its February gaming revenue forecast from 20 billion MOP to 19.5 billion MOP, representing a year-on-year decline of 1% [1] Group 2 - Citigroup's revised forecast implies an average daily gaming revenue of about 867 million MOP for the remainder of the month, while the total gaming revenue forecast for January and February combined (excluding the differing Lunar New Year dates) is now set at 42.1 billion MOP, reflecting an 11% year-on-year growth [1] - JPMorgan notes that the gaming revenue in Macau for February is mixed, leading to slight adjustments in their monthly predictions [1] - The stock performance of major gaming companies is as follows: Melco International Development at 4.380 (-4.78%), Galaxy Entertainment at 41.640 (-3.79%), Sands China at 17.570 (-1.95%), Wynn Macau at 5.770 (-1.20%), and MGM China at 12.770 (-0.70%) [1]

Group 1 - The gaming stocks continue to decline, with New World Development down 4.35% to HKD 4.4, Galaxy Entertainment down 4.02% to HKD 41.54, Sands China down 2.23% to HKD 17.52, and Wynn Macau down 1.37% to HKD 5.76 [1] - UBS's latest report indicates that the average daily gaming revenue in Macau during the Spring Festival was approximately MOP 786 million, lower than market expectations of MOP 900 million to MOP 950 million per day [1] - Despite initial weak demand, the last three days saw a surge in revenue, reaching MOP 1.2 billion to MOP 1.3 billion daily, representing a year-on-year increase of about 10% to 15% [1] Group 2 - The average daily gaming revenue for the month to date is approximately MOP 650 million, reflecting a year-on-year decline of about 8% and a month-on-month decline of about 11% [1] - JPMorgan has adjusted its February gaming revenue forecast to flat to 2% year-on-year growth, down from a previous estimate of 2% to 5% growth [1] - Excluding seasonal and calendar factors, the forecast for total gaming revenue growth in the first two months of 2026 is adjusted to 12% to 13%, down from a previous forecast of 13% to 14% [1]

Group 1 - Morgan Stanley updates its preference order for Macau gaming stocks, with Galaxy Entertainment (00027) as the top pick rated "Overweight" [1] - MGM China (02282) is also rated "Overweight," followed by Sands China (01928) and Wynn Macau (01128), both rated "Overweight" [1] - Melco Resorts (MLCO.US) receives a "Neutral" rating, while SJM Holdings (00200) and Australia’s Amax Holdings (00880) are rated "Underweight" [1] Group 2 - For the first 22 days of February, Macau's total gaming revenue reached MOP 14.3 billion, averaging MOP 650 million per day [1] - The average daily revenue during the previous week, which included the Lunar New Year holiday, was MOP 785 million, lower than the expected MOP 850 million [1] - The initial days of the holiday showed weak performance with an average daily revenue of MOP 450 million, reflecting a double-digit year-on-year decline [1] Group 3 - The forecast for February's gaming revenue has been adjusted to a year-on-year growth of 0% to 2%, down from the previous estimate of 2% to 5% [2] - Excluding seasonal and calendar factors, the expected growth for total gaming revenue in the first two months of 2026 is revised to 12% to 13%, slightly down from the earlier forecast of 13% to 14% [2] - This revised forecast aligns with both the company's and market's industry expectations [2]

Core Viewpoint - Citi's report indicates that Macau's gaming revenue for the first 22 days of February is approximately 14.3 billion MOP, reflecting a daily average of about 786 million MOP, which is an 8% increase compared to the daily average of 730 million MOP on January 26 and a 45% increase compared to the daily average of 543 million MOP in the week of February 9 [1] Revenue Performance - The strong performance during the Lunar New Year, particularly on the fourth to sixth days, saw daily revenues of approximately 1.2 to 1.3 billion MOP, but the first four days of that week showed significantly lower VIP room win rates than normal [1] - VIP room gaming volume decreased by approximately 8% to 10% month-on-month, while mass gaming revenue fell by about 10% to 12% [1] Revenue Forecast Adjustments - Due to weaker-than-expected trends leading up to the Lunar New Year, the February gaming revenue forecast has been revised down from 20 billion MOP to 19.5 billion MOP, representing a year-on-year decline of 1%, which implies a daily average of about 867 million MOP for the remainder of the month [1] - The combined gaming revenue forecast for January and February (adjusted for the differing Lunar New Year dates) is now set at 42.1 billion MOP, reflecting an 11% year-on-year increase [1]