Citi Research: December GGR in MO Falls Short; Projects 10.5% Year-over-Year Increase for Combined GGR in January-February

December 2025 GGR Performance: Macau's GGR for December 2025 reached MOP20.888 billion, showing a 15% year-on-year growth and achieving about 91% of December 2019 levels, although it fell short of broker forecasts due to low VIP hold.

Annual GGR Overview: The total GGR for 2025 was MOP247.4 billion, a 9% increase from the previous year, exceeding both the initial and revised forecasts by the Macau government.

Future Projections for January 2026: The forecast for January 2026 GGR is set at MOP21.5 billion, reflecting an 18% year-on-year increase, with a combined forecast for January-February of MOP42 billion, indicating a 10.5% rise.

Upcoming Events in Macau: January 2026 will feature notable events such as the "Melody Journey II Music Festival" and a Super Junior concert, expected to contribute positively to the GGR.