HSBC: Forecast Macau's total gambling revenue in February to remain flat to increase by 2% year-on-year, Galaxy Entertainment is the industry's top choice.

JPMorgan Chase released a research report stating that according to their analysis, the total revenue of Macau's gaming industry in the first 22 days of February was 14.3 billion Macau dollars, with a daily average of 6.5 billion Macau dollars. With the holiday period not yet over, the next few days are crucial as the post-holiday demand phase is usually when high-end players accelerate their spending. Considering the mixed performance of the Lunar New Year, the bank has adjusted its forecast for February's total gaming revenue to be flat to a 2% increase year-on-year. Excluding seasonal and calendar factors, it is expected that the total gaming revenue for the first two months of 2026 will increase by 12% to 13%, in line with the bank's and the market's industry forecasts. JPMorgan Chase has updated its latest preference order for Macau gaming stocks, with Galaxy Entertainment being the top choice with a "hold" rating; followed by MGM China, which also received a "hold" rating; Sands China and Wynn Macau are close behind, both receiving a "hold" rating. Melco International Development was rated as "neutral," while Melco Resorts & Entertainment and A-Max Holdings were both rated as "sell."