According to the Credit Suisse Research Report, Macau's total gaming revenue (GGR) for January increased 83% year-on-year to MOP 11.6 billion (same below), exceeding market expectations of 8.7 billion yuan, but in line with the bank's expectations. On a daily basis, total gaming revenue increased 83% month-on-month to 374 million, 46% of pre-pandemic levels. The bank estimates that during the peak of the Spring Festival, daily gaming revenue was about 600 million yuan, or 60% of the level before the coronavirus outbreak, while total mid-field gaming revenue reached about 60 to 70 percent of the level before the coronavirus outbreak on the same basis. The bank expects a moderate recovery in demand and that operators should record positive EBITDA in January. The bank believes that the pace of recovery is still the key to February and March, because the strong Lunar New Year performance may only be driven by a number of temporary factors and will normalize over time. The bank believes that the Macau gaming sector should be supported by favorable news and continued improvement in total gaming revenue in the near future, but as these temporary factors normalize, the industry may face downside risks. As the midfield leader's recovery comes, Sands China (1928.HK) and MGM China (2282.HK) remain the bank's first choices.