Citi has maintained its Macau September gaming revenue forecast at MOP 18 billion, representing a 2% year-on-year decline, which implies an average daily run-rate of approximately MOP 580 million for the remaining days of the month.

According to industry sources, Macau's gaming revenue for the first 20 days of September is estimated at around MOP 12.2 billion. The average daily revenue last week was approximately MOP 614 million, up 5% from the MOP 586 million recorded during the week of September 7, and also 1% higher than the September 2025 daily average of roughly MOP 610 million.

The bank noted that, based on industry intelligence, VIP rolling chip volume fell between 15% and 18% month-on-month, while mass market gaming revenue contracted by approximately 13% to 16% over the same period. VIP win rates last week appeared to be stronger than those observed during the week of September 7.

Citi anticipates that October's packed schedule of major events and concerts—including performances by Rene Liu, Jane Zhang, Korean boy band Enhypen, and Richie Jen at Galaxy Arena, Sara Landry's "Chapter One" show at The Londoner Arena, the NBA China Games at The Venetian Arena, and a Jonathan Lee concert at MGM Cotai—could serve as a powerful catalyst to reignite the recovery of gaming revenue.