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<Research>UBS: Dec MO GGR Slightly Misses; Demand Expected to Remain Resilient in 2026
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Official Macau data shows that GGR for December 2025 was approx. MOP20.9 billion, up 15% YoY but down 1% MoM, according to UBS' research report. The average daily GGR was about MOP674 million, down 4% MoM, below the market consensus of MOP693 million.

Looking ahead to 2026, the broker maintained a constructive view on Macau's gaming industry, and expected demand to remain resilient, supported by upgraded tourism offerings, expanded market promotional activities, and a more diversified customer base, which can sustainably drive growth, especially in premium segments.

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Within the sector, UBS was more optimistic about GALAXY ENT (00027.HK)/ WYNN MACAU (01128.HK), with target prices of $46.9/ $8.9 each and ratings at Buy.
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