"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

AASTOCKS
2026.02.23 03:22

Citigroup published a research report indicating that the Macau gaming industry seems to have a strong start, with high-end mass market performance continuing to strengthen, and the average bet per player reaching a record high of MOP 29,625, an increase of 13% compared to the Lunar New Year in 2025. The bank expects Macau's gaming revenue in February to grow by 1% year-on-year to MOP 20 billion.

The bank remains optimistic about the Macau gaming market, with the most favorable outlook on Galaxy Entertainment (00027.HK), followed by Wynn Macau (01128), Sands China (01928.HK), MGM China (02282.HK), and Melco Resorts & Entertainment (MLCO.US). The bank has the most bearish outlook on SJM Holdings (00880.HK), assigning a "Sell" rating.

Citigroup's investment ratings and target prices for gaming stocks are listed as follows:

Stock | Investment Rating | Target Price (HKD)

Galaxy Entertainment (00027.HK) | Buy | 54 HKD

MGM China (02282.HK) | Buy | 18.25 HKD

Sands China (01928.HK) | Buy | 23 HKD

SJM Holdings (00880.HK) | Sell | 2.23 HKD

Wynn Macau (01128.HK) | Buy | 7.55 HKD

Melco Resorts & Entertainment (MLCO.US) | Buy | 10.5 USD

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