Hong Kong-listed gaming stocks extended their losses. At the time of writing, shares of Wynn Macau (01128) were down 3.35% to HK$4.90. Melco International Development (00200) fell 3.47% to HK$3.06. Galaxy Entertainment (00027) declined 3.23% to HK$28.80, while Sands China Ltd. (01928) dropped 2.57% to HK$12.87.

Citi's Research Report Analysis

A recent research note from Citi indicated that, based on industry sources, Macau's gross gaming revenue for the first 21 days of June is estimated to have reached approximately MOP 13.2 billion. The average daily run-rate is around MOP 600 million, representing a decline of about 18% compared to the May daily average of roughly MOP 729 million. However, it is approximately 2% higher than the run-rate from the week of June 8th, which was about MOP 586 million. This trend aligns broadly with observations from the firm's latest gaming table surveys.

Impact of World Cup Event

The report suggests that the ongoing FIFA World Cup is likely to continue diverting a portion of Macau gamblers' betting budgets. According to industry information, VIP rolling chip volume has decreased month-on-month by approximately 16% to 19%, while mass market gross gaming revenue has fallen by about 12% to 15% month-on-month. The VIP win rate appears to be higher than last week.

Revised Revenue Projections

Reflecting these latest gross gaming revenue trends, Citi has revised its forecast for June 2026 gross gaming revenue downward from MOP 19.0 billion to MOP 18.75 billion, implying a year-on-year decrease of 11%. This revision means the daily average gross gaming revenue for the remainder of the month would need to reach approximately MOP 617 million.