[Table_Title] 研究报告 Research Report 2 Dec 2025 香港赌场和博彩 Hong Kong Casinos & Gaming [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 澳门博彩监察协调局发布幸运博彩 11 月数据：连续两个月录得双位数增幅，澳门幸运博彩毛收入（GGR）同比增长 14.4%，恢复至 2019 年同期水平的 92.2%。2025 年 11 月，澳门博彩毛收入达 210.88 亿澳门元，同比增长 14.4%，环 比下滑 12.4%，恢复至 2019 年同期水平的 92.2%。11 月澳门日均 GGR 为 7.03 亿澳门元，较 10 月的 7.77 亿澳门元下 滑 9.5%。11 月为传统的淡季，但行业表现仍具韧性，延续 10 月旺季的强势增长，超出市场预期，或受到全运会、 格兰披治大赛车等赛事的带动。2025 年 1-11 月，澳门博彩累计毛收入达 2265.15 亿澳门元，同比增长 8.6%，恢复至 2019 年同 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In July 2025, Macau's Gross Gaming Revenue (GGR) reached MOP22.125 billion, marking a year-on-year increase of 19.0% and a month-on-month increase of 5.0%, recovering to 90.5% of the 2019 level [1][13] - From January to July 2025, the cumulative GGR was MOP140.896 billion, reflecting a year-on-year increase of 6.5% but a decrease of 19.0% compared to the same period in 2019 [1][13] - The growth in GGR was supported by concerts held in July featuring artists such as Aaron Kwok, Sandy Lam, and Wang Feng [1][13] - Looking ahead to August, various events are scheduled, including concerts by Eason Chan and others, which are expected to further boost visitor numbers and GGR [1][13] Summary by Sections GGR Performance - Macau's GGR in July 2025 was MOP22.125 billion, a 19.0% increase year-on-year and a 5.0% increase month-on-month, but still down 9.5% from 2019 [1][13] - The cumulative GGR from January to July 2025 was MOP140.896 billion, up 6.5% year-on-year but down 19.0% from 2019 [1][13] Visitor Trends - In June 2025, the number of inbound visitors to Macau was 2.89 million, a 13.3% year-on-year increase, recovering to 94.3% of the 2019 level [3][14] - For Q2 2025, the total number of inbound visitors was 9.36 million, reflecting a 19.3% year-on-year increase [3][14] Hotel Occupancy - The hotel occupancy rate in Macau for June 2025 was 88.4%, an increase of 5.6 percentage points year-on-year [4][15] - The average stay duration for hotel guests was stable at 1.6 nights [4][15]