Citi Research: Macau's November gaming revenue exceeded expectations, expected to rise 15% year-on-year in December

Citi stated that Macau's gaming revenue in November once again exceeded expectations, growing 14.4% year-on-year to MOP 21.1 billion, which is 3% to 4% higher than the bank's forecast and market consensus. This means that during the period from November 24 to 30, after the conclusion of the National Games on November 21, the average daily gaming revenue reached MOP 784 million. Citi believes that this strong finish indicates a robust start for Macau's gaming revenue in December. The bank expects December's gaming revenue to grow 15% year-on-year to MOP 20.9 billion. Due to approximately two weeks of traffic control implemented in Macau last year, there is significant upside risk. The preferred targets are Galaxy Entertainment (00027.HK) and MGM China (02282.HK)