Macau casino stocks experienced a collective downturn. At the time of writing, MGM China (02282) fell 4.06% to HK$13.01. Melco International Development (00200) dropped 4.21% to HK$4.55. Sands China Ltd (01928) declined 3.04% to HK$18.18. Wynn Macau (01128) was down 1.68% to HK$5.84.

A research report from Citi indicated that, according to industry sources, Macau's gross gaming revenue for the first 22 days of February may have reached approximately MOP 14.3 billion. Although gaming revenue was strong from the fourth to the sixth day of the Lunar New Year, reaching about MOP 1.2 to 1.3 billion daily, the VIP win rate for the first four days of that week was significantly below normal levels. Industry sources also noted that VIP gaming volume decreased by about 8% to 10% month-over-month, while mass market gaming revenue fell by approximately 10% to 12% compared to the previous month. Due to weaker-than-expected trends before the Lunar New Year, Citi revised its February gross gaming revenue forecast down from MOP 20 billion to MOP 19.5 billion, representing a 1% year-on-year decline.

UBS also commented, stating that according to its channel checks, the average daily gaming revenue during the Spring Festival holiday (February 16 to 22) was about MOP 786 million. This figure fell short of market expectations, which had anticipated daily revenue of around MOP 900 million to MOP 950 million. While initial demand was soft, the pace of turnover accelerated in the final three days (February 20 to 22), reaching MOP 1.2 to 1.3 billion daily. This represented a year-on-year increase of approximately 10% to 15%. Despite this late surge, the average daily revenue for the month to date stands at about MOP 650 million, reflecting a year-on-year decrease of roughly 8% and a month-on-month decline of about 11%.