12月博彩毛收入环比下滑0.9%，恢复至2019年的91.5%

Investment Rating - The report does not explicitly state an investment rating for the Hong Kong Casinos & Gaming industry Core Insights - Macau's gaming gross revenue (GGR) for December 2025 reached MOP 20.888 billion, reflecting a year-on-year increase of 14.8% and a month-on-month decrease of 0.9%, achieving 91.5% of the 2019 level [1][14] - The average daily GGR in December was MOP 674 million, down 4.1% from November's MOP 703 million, indicating resilience in the industry during the traditional peak season for family travel [1][14] - For the third quarter of 2025, Macau's GGR was MOP 66.062 billion, up 15% year-on-year and 5.6% quarter-on-quarter, also reaching 91.6% of the 2019 level [1][14] - The total GGR for Macau in 2025 was MOP 247.403 billion, a 9.1% increase year-on-year, recovering to 84.6% of the 2019 level, with expectations for a 9% growth in 2026, reaching 92.2% of the 2019 level [1][14] Summary by Sections Monthly GGR and Year-on-Year Growth - December GGR decreased by 0.9% month-on-month but increased by 14.8% year-on-year, recovering to 91.5% of the 2019 level [1][14] - The average daily GGR in December was MOP 674 million, down from MOP 703 million in November [1][14] Visitor Statistics - In November 2025, the number of inbound visitors to Macau was 3.35 million, up 18.1% year-on-year and 115% of the 2019 level [3][15] - The number of visitors from mainland China was 2.4 million, representing a 21.9% year-on-year increase [3][15] Hotel Occupancy Rates - The hotel occupancy rate in Macau for November 2025 was 90.2%, an increase of 0.7 percentage points year-on-year and 1.1 percentage points month-on-month [4][16] - The average stay time for hotel guests was stable at 1.7 nights [4][16]