Macau gaming stocks were broadly lower, with Galaxy Entertainment (00027) down 2.74% to HK$37.58 at the time of writing; Melco International Development (00200) fell 2.56% to HK$4.19; MGM China (02282) dropped 2.38% to HK$12.69; and Sands China (01928) declined 1.8% to HK$19.62. The recent data released by Macau's Gaming Inspection and Coordination Bureau showed that gross gaming revenue (GGR) for December 2025 was MOP 20.89 billion, representing a year-on-year increase of 14.8%. Citi's research report noted that Macau's December 2025 GGR reached MOP 20.888 billion, equating to a daily average of approximately MOP 674 million, a 15% year-on-year growth, recovering to about 91% of the December 2019 level. This figure was about 5% lower than the bank's forecast and approximately 3% below market expectations. The bank attributed the shortfall primarily to an abnormally low win rate in the VIP segment, which was likely below 3%.