Gaming stocks in Hong Kong saw broad declines during early trading. As of press time, SANDS CHINA LTD (01928) fell 5.33% to HKD 19.2, WYNN MACAU (01128) dropped 5.12% to HKD 6.3, MGM CHINA (02282) declined 3.67% to HKD 15.47, and GALAXY ENT (00027) slipped 3.15% to HKD 38.76.

The Macau SAR government expects the tourism industry to continue its recovery in 2026, supported by favorable factors. However, considering external uncertainties and economic conditions, it has prudently estimated next year’s gross gaming revenue (GGR) at MOP 236 billion. Data shows that Macau’s GGR for the first 10 months of this year reached MOP 205.427 billion, up 8% year-on-year.

JPMorgan noted that Macau’s October GGR stood at MOP 24 billion, surging 16% year-on-year and 32% month-on-month, marking the strongest gaming performance in six years. However, the bank anticipates slower growth in November, projecting an 8%–10% increase due to a tougher base effect. From December onward, the base effect is expected to ease, potentially accelerating GGR growth to 15%–17%, with low double-digit growth likely in Q1 2026.