Macau gaming stocks advanced across the board. At the time of writing, Melco International Development (00200) rose 3.46% to HK$4.19; Galaxy Entertainment (00027) increased 2.78% to HK$39.9; MGM China (02282) climbed 2.65% to HK$12.77; Sands China (01928) gained 2.05% to HK$18.93; and Wynn Macau (01128) was up 1.38% at HK$5.87. Jefferies released a research note stating that Macau's Gross Gaming Revenue (GGR) has continued to show robust growth at the start of 2026, with the seven days up to January 11 recording an average daily GGR of MOP 693 million, representing an 18% year-on-year increase. The bank's industry survey indicates that the entire month of January is expected to achieve a year-on-year growth rate of between 15% and 21%. Despite a recent shift in investor preference towards US regional gaming stocks, Jefferies believes these data results support its view that stocks with primary operations in Macau possess fundamentally stronger fundamentals compared to their peers. UBS pointed out that, according to its channel checks, the past seven days saw an average daily GGR of approximately MOP 693 million for Macau's gaming industry, lower than the roughly MOP 800 million seen in the first four days of January, influenced by calendar effects. This brings the month-to-date average daily GGR to a solid MOP 732 million, marking a year-on-year increase of approximately 24% and a month-on-month increase of about 9%, outperforming the seasonal average month-on-month growth of around 2% observed between 2015 and 2019.