Goldman Sachs research reports indicate that although all Macau gambling companies acknowledge the macro challenges brought by slowing consumer spending, and the impact on the sales performance of their mall tenants. However, they also point out that the gambling demand in all segmented markets remains resilient, with stable betting volumes and a continuous increase in the number of gamblers. Only some high-stakes gamblers have become more cautious about spending. Galaxy Ent and MGM China have both revealed that the hotel room reservation rate during the National Day golden week has exceeded 90%. Some gambling industry insiders also believe that Ho-hoi Hui, the candidate for the Macau Chief Executive, will pay more attention to diversifying non-gambling sectors and may accelerate the development of Hengqin. Goldman Sachs also cited that combating money laundering is not new to Macau, and with the gambling industry's overall revenue remaining resilient, the impact on gambling revenue should be limited. Goldman Sachs also expects that the competition in the Macau gambling sector will tend towards stability, and operating expenses and profit margins will similarly stabilize.