Macquarie has released a research report indicating a 3.5% reduction in its first-quarter adjusted EBITDA forecasts for the six major Macau gaming operators. This revision reflects lower-than-expected win rates in February and ongoing margin pressures. The firm anticipates a year-on-year increase of 6% in EBITDA, suggesting operational deleveraging within the industry relative to a 15% year-on-year growth in gross gaming revenue (GGR). Macquarie expects competition for market share to persist throughout the year, which will continue to negatively impact operator margins. Among the sector players, GALAXY ENT (00027) remains Macquarie's top pick, favored for its strong property development pipeline. The firm has maintained its target price of HK$54.50 and an Outperform rating on the stock. Industry data shows that for the week ending April 11, the average daily GGR was MOP 663 million, representing an 8% increase compared to the same period last year but a 3% decrease from the previous week, primarily due to win rates falling below normal levels. Assuming a daily GGR ranging from MOP 680 million to MOP 730 million for the remainder of the month, April's total GGR is projected to reach MOP 20.2 billion to MOP 21.1 billion, indicating a year-on-year growth of 7% to 12%. Macquarie forecasts that GGR growth will slow to 5.5% in the second quarter, down from 15% in the first quarter, as a high base effect comes into play starting in May. The firm has maintained its full-year GGR forecast of MOP 262 billion, implying an estimated 6% year-on-year increase.