Goldman Sachs published a research report and lowered Sands China's EBITDA forecast for each year from 2024 to 2026 by 8% to 10%, and the target price was lowered from HK$28.5 to HK$26.3, maintaining a “buy” rating. The report also predicts that the total market share of the company's total gaming revenue will remain under pressure in the second and third quarters of this year, and will not rebound until the fourth quarter. According to Goldman Sachs, Sands China's EBITDA for the first quarter of 2024 fell 7% quarterly to US$610 million, in line with the forecast, but lower than the market's estimate of about US$660 million, partly due to the low VIP win rate of 2.35% (lower than the theoretical 3.3%). After adjusting for the win ratio, revenue was recorded at US$641 million, down 8% from quarter to quarter. The company attributed this to the impact of various capital reinvestment plans or renovation projects. The Cotai Arena in The Venetian Macau is currently closed due to renovation. The pavilion can accommodate 15,000 seats; in the first quarter of 2024, an average of about 500 to 600 guest rooms at The Londoner Hotel in Macau stopped service. The report also indicated that as more leisure and family tourists visit Macau, Sands China is expected to occupy more market share in the second half of this year. Looking forward to the future, the bank believes that the completion of the renovation project will help the company compete in different market segments and regain market share in FY2025, benefiting from the gradual expansion of mid-term recovery into popular and non-gaming segments.