CICC has published a report maintaining its prediction for total Macau gaming revenue in 2025 while raising its forecast for 2026. The firm expects total gaming revenue to grow by 9% and 5% year-on-year in the current and next years, respectively, recovering to 84% and 88% of the 2019 levels. The firm projects that the mass gaming revenue will increase by 7% and 6% year-on-year in these two years, returning to 119% and 126% of the 2019 figures. Additionally, it expects VIP gaming revenue to grow by 19% year-on-year in 2025 but decrease by 5% in 2026, recovering to 29% and 28% of the 2019 levels. For the third quarter of this year, the firm estimates industry EBITDA to reach $2.108 billion, reflecting a 9% year-on-year increase and a 2% quarter-on-quarter growth, recovering to 91% of the level from the same period in 2019. While total gaming revenue shows resilience, rising reinvestment rates and intensified market competition are expected to impact EBITDA negatively. In terms of stock recommendations, the firm is optimistic about MGM China (02282) and Sands China (01928), predicting their adjusted EBITDA for the third quarter to reach HKD 2.352 billion and USD 590 million, respectively, representing year-on-year increases of 19% and 1%. Target prices are set at HKD 19.8 and HKD 23.8, both assigned an "outperform" rating.