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<Research>CICC: MO Nov GGR Beats; Dec GGR Projected at MOP20.2-21.7B
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Macau's GGR amounted to MOP21.1 billion in November, up 14.4% YoY but down 12.4% MoM, ahead of the median market consensus of 10.5% YoY growth, recovering to the 92.2% level during the same period in 2019, CICC released a research report saying.

Average daily GGR for November 2025 was MOP703 million, down 9.5% from October's average daily GGR of MOP777 million.

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The broker currently projected that Macau's GGR for December 2025 will range between MOP20.2 billion and MOP21.7 billion, implying a daily average GGR of MOP650-700 million, a YoY increase of approx. 11-19%, still 5-12% below the level recorded during the same period in 2019.
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