Citi has issued a research report stating that Macau's Gaming Inspection and Coordination Bureau announced yesterday that September gross gaming revenue (GGR) in Macau was MOP 18.063 billion, down 1.2% year-on-year, marking a fourth consecutive month of decline and falling short of market expectations for a 2.2% increase, while dropping 17.5% month-on-month; the figure represents about 82% of September 2019 levels, in line with the bank's forecast of MOP 18 billion but roughly 3% below the consensus estimate of MOP 18.7 billion.

Citi cited industry sources as saying that implied average daily gaming revenue during the final 10 days of September, at about MOP 586 million, was roughly 4% lower than the about MOP 610 million recorded in the first 20 days. The bank believes some gamblers may have postponed their Macau trips and plan to visit during the National Day Golden Week holiday.

Looking ahead, Citi expects October 2026 gross gaming revenue to reach MOP 25 billion, or a daily average of about MOP 806 million, up 4% year-on-year. This implies average daily revenue of MOP 1.05 billion during the seven-day National Day Golden Week period, which according to industry sources is down 5% from the first five days of October 2025, MOP 900 million during October 8-11, and MOP 703 million for the remainder of the month.

The bank believes various major events, such as the NBA China Games and concerts by Jane Zhang, Enhypen, and Richie Jen, are expected to support Macau's gaming revenue momentum after the Golden Week period.