According to a report published by UBS, according to a channel survey, the average daily revenue of midfield gaming in Macau has increased by about 3% quarterly since the second quarter. It is believed that it may be driven by the May Labor Day holiday, while VIP room gambling revenue has declined by about 6% from quarter to quarter. The bank mentioned that in terms of market share, GEG continued to grow in May, rising 250 basis points month-on-month, driving a quarterly increase of 200 basis points in market share from the second quarter to now. During the month, Melco declined by 50 basis points, narrowing its market share by 110 basis points from quarter to quarter. As for Wynn and MGM China's market shares from the second quarter to now, have declined by about 140 and 120 basis points, respectively, from quarter to quarter. Sands China's market share from the second quarter to now has remained flat on a quarterly basis, although more of its guest rooms have been closed due to renovations, causing its market share to drop 150 basis points month-on-month in May. On the Australian Expo side, the market share from the second quarter to now has dropped by 50 basis points, probably due to the influence of satellite casinos. The bank believes that the current price of Macau gaming stocks is equivalent to about 9.9 times the 2024 forecast corporate value multiple, which is 1.4 standard deviations lower than the historical average. The bank is still optimistic about Macau gaming stocks. The industry's first choice is Macau and Bank Entertainment. The target prices are HK$7.8 and HK$46.1, respectively, and the ratings are “buy”.