Ge Long Hui·2026-01-05 03:08Group 1 - The Hong Kong gaming stocks experienced a collective decline, with New World Development and MGM China down by 3%, Galaxy Entertainment down by 2.85%, and Sands China, Wynn Macau, and SJM Holdings down nearly 2% [1] - Morgan Stanley's latest report indicated that Macau's gaming revenue in December last year was 20.9 billion MOP, representing a year-on-year growth of 14.8% but a quarter-on-quarter decline of 1%, which was below market expectations [1] - Citigroup projected that Macau's gaming revenue in December 2025 would reach 20.888 billion MOP, averaging about 674 million MOP per day, reflecting a year-on-year growth of 15% and approximately 91% of the December 2019 level [1] Group 2 - Morgan Stanley expressed a preference for Galaxy Entertainment and Sands China, while downgrading MGM China's rating to "in line with the market" due to its significantly underperforming results in December [1] - Citigroup noted that the lower-than-expected revenue was primarily due to abnormally low win rates in VIP rooms, likely below 3% [1] - The report from Citigroup anticipates a year-on-year increase of 10.5% in combined gaming revenue for January and February this year [1]