---
title: "HSBC Research estimates that Macau's March gaming revenue will grow by up to 14%, continuing to recommend \"Buy\" for Sands China, Galaxy Entertainment, and MGM China"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280271007.md"
description: "HSBC Research expects Macau's gaming revenue in March to grow by 11% to 14%, with total gaming revenue potentially reaching MOP 21.8 billion to MOP 22.35 billion. Despite a decline in VIP room revenue, the overall gaming revenue performance remains resilient. The bank maintains a \"Buy\" rating on Sands China, Galaxy Entertainment, and MGM China, with target prices of HKD 22.5, HKD 49, and HKD 17, respectively"
datetime: "2026-03-24T06:44:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280271007.md)
  - [en](https://longbridge.com/en/news/280271007.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280271007.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/280271007.md) | [繁體中文](https://longbridge.com/zh-HK/news/280271007.md)


# HSBC Research estimates that Macau's March gaming revenue will grow by up to 14%, continuing to recommend "Buy" for Sands China, Galaxy Entertainment, and MGM China

HSBC Research published a report indicating that the total gaming revenue in Macau from March 1 to 22 was MOP 15.6 billion, implying an average daily gaming revenue of MOP 709 million. Although gaming luck was relatively unfavorable last week, the average daily gaming revenue still slightly increased by 3% to MOP 721 million, likely driven by the mass market. By customer segment, the average daily gaming revenue from the mass market remained flat month-on-month or decreased by 2%, while VIP gaming revenue declined by 10% to 12% month-on-month. The overall VIP win rate remains above normal levels, maintaining between 3% and 3.2%, compared to the previous week’s 3.2% to 3.5%.

The bank stated that if the average daily gaming revenue for the remainder of March is between MOP 690 million and MOP 750 million, the total gaming revenue for March could reach MOP 21.8 billion to MOP 22.35 billion, representing a year-on-year growth of 11% to 14%. In comparison, gaming revenue from January to February grew by 14% year-on-year. Based on this calculation, the total gaming revenue for the first quarter of this year may grow by 13% to 14% year-on-year, compared to a growth of 15% in the fourth quarter of last year.

Although the stock prices of gaming companies have been under pressure over the past month, gaming revenue remains resilient. The bank continues to maintain "Buy" ratings for Sands China (01928.HK), Galaxy Entertainment (00027.HK), and MGM China (02282.HK), with target prices of MOP 22.5, MOP 49, and MOP 17, respectively

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