11月博彩毛收入强势增长，恢复至2019年的92.2%

Investment Rating - The report does not explicitly state an investment rating for the industry, but it indicates a positive outlook for Macau's gaming revenue growth in the coming years, suggesting a favorable investment environment. Core Insights - Macau's gaming gross revenue (GGR) for November 2025 reached MOP 21.088 billion, marking a year-on-year increase of 14.4% and recovering to 92.2% of the 2019 level. The average daily GGR was MOP 703 million, down 9.5% from October [1][16] - The cumulative GGR for January to November 2025 was MOP 226.515 billion, reflecting an 8.6% year-on-year growth and 84.0% of the 2019 level. The industry is expected to achieve high single-digit growth in 2025 [1][16] - The Macau government forecasts a GGR of MOP 236 billion for 2026, indicating a potential single-digit decline compared to 2025, which the market views as conservative [1][16] Summary by Sections Gaming Revenue - November 2025 GGR was MOP 21.088 billion, up 14.4% YoY, and 92.2% of 2019 levels. The average daily GGR was MOP 703 million, down 9.5% from October [1][16] - Cumulative GGR from January to November 2025 reached MOP 226.515 billion, up 8.6% YoY, and 84.0% of 2019 levels [1][16] Visitor Statistics - In October 2025, the number of inbound visitors to Macau increased by 10.8% YoY to 3.47 million, recovering to 108.2% of 2019 levels. Mainland Chinese visitors accounted for 73.0% of total visitors [3][17] - For the first ten months of 2025, total inbound visitors were 33.14 million, up 14.1% YoY, and 99.2% of 2019 levels [3][17] Hotel Occupancy - The hotel occupancy rate in Macau for October 2025 was 89.3%, reflecting a 0.9 percentage point increase YoY and a 4.9 percentage point increase MoM [4][18] - The average stay duration for hotel guests was stable at 1.7 nights [4][18]