Citi issued a research report indicating that, considering the signs of a slowdown in the endogenous growth of Macao's average daily gambling revenue this year, the full-year forecast for Macao's gambling revenue for this year and next year has been revised down by 1%. It is predicted that in 2025, gambling revenue will increase by 4% year-on-year to 235.8 billion Patacas, and the growth rate for 2026 is expected to rebound to 10.4%, reaching 260.2 billion Patacas.

Citi has also revised down the adjusted EBITDA forecasts for Macao's gambling industry for 2025 and 2026 by 2.5% and 4%, respectively, to growth rates of 8% and 10.2%. The firm maintains its investment ratings for the seven gambling operators, with Sands China (01928.HK) and Galaxy Entertainment (00027.HK) as preferred choices for next year, and the target prices have been raised to 27.3 yuan and 46.6 yuan, respectively, while maintaining the 'outperform the market' rating; at the same time, it is also bullish on SJM Holdings (00880.HK), due to its continuously expanding market share.