According to a research note from Citigroup, Macau's gross gaming revenue for the first eight days of March reached approximately MOP 5.65 billion, translating to an average daily revenue of about MOP 706 million. This represents a decline of around 4% compared to the daily average in February, but an increase of roughly 11% over the same period last March. The bank believes that several concerts scheduled during the month will support Macau's early March performance. Industry sources indicate that VIP gaming turnover fell by about 2% to 4% month-on-month, while mass market gaming revenue declined approximately 3% to 5%. VIP hold percentage was slightly above normal levels. Citigroup conservatively maintains its March gross gaming revenue forecast of MOP 22.5 billion, implying year-on-year growth of 14%. This projection requires average daily gaming revenue of about MOP 733 million for the remainder of the month.