Macau gaming stocks continued to decline in today's trading session. At the time of writing, MELCO INT'L DEV (00200) fell 4.35% to HK$4.40. GALAXY ENT (00027) dropped 4.02% to HK$41.54. SANDS CHINA LTD (01928) decreased by 2.23% to HK$17.52. WYNN MACAU (01128) was down 1.37%, trading at HK$5.76.

The downward movement follows a UBS report indicating that Macau's average daily gross gaming revenue (GGR) during the Chinese New Year holiday period was approximately MOP 786 million. This figure fell short of market expectations, which had projected daily revenue between MOP 900 million and MOP 950 million. Although initial demand was weak, the report noted a significant acceleration in turnover during the final three days of the holiday, with daily GGR reaching MOP 1.2 billion to MOP 1.3 billion. This represented a year-on-year increase of approximately 10% to 15%. Despite this late surge, the average daily GGR for the month to date stands at about MOP 650 million, reflecting an approximate 8% decline compared to the same period last year and an 11% decrease month-on-month.

Separately, J.P. Morgan has made a slight adjustment to its February GGR forecast. Citing the mixed performance during the Lunar New Year, the firm now projects total February GGR to be flat to up 2% year-on-year, compared to its previous forecast of 2% to 5% growth. After adjusting for seasonal and calendar effects, J.P. Morgan anticipates GGR growth of 12% to 13% for the first two months of 2026, a slight revision from its prior estimate of 13% to 14% growth. This updated forecast remains consistent with both the firm's and the broader market's industry projections.