Gaming stocks faced collective selling pressure. At the time of writing, Melco International Development (00200) fell 3.31% to HK$4.09; Sands China Ltd. (01928) dropped 3.16% to HK$19; Wynn Macau (01128) declined 2.5% to HK$5.84; and MGM China (02282) decreased 1.84% to HK$12.28. Recently, Macau's Gaming Inspection and Coordination Bureau disclosed that Macau's gross gaming revenue for December 2025 reached MOP 20.89 billion, representing a year-on-year increase of 14.8%. Cumulative gross gaming revenue for the first twelve months of 2025 totaled MOP 247.404 billion, a rise of 9.1% compared to the previous year. CICC believes the performance of total gaming revenue last December was primarily driven by several factors, including the continued ramp-up of new high-end property projects and various entertainment events and promotional plans boosting visitor growth; however, lower win rates in the VIP segment exerted a certain drag on the overall revenue. CICC forecasts that total gross gaming revenue for January 2026 will reach MOP 20.2 billion to MOP 21.7 billion, with estimated daily average gaming revenue of MOP 650 million to MOP 700 million. This represents a projected annual growth of 10% to 19%, but a decline of 13% to 19% compared to January 2019.