Gelonghui, April 17. Goldman Sachs Research reports that after a strong rebound in stock prices from the end of last year to the beginning of this year, before the month-to-date rebound, Macau gaming stocks fell an average of 10% over the past two months. As the number of people who tend to travel after the Spring Festival holiday declined, the average room revenue of Chinese hotels and domestic travel data suffered a setback. Although Macau's total gaming revenue was helped by the restoration of tour group visas since the beginning of February, this year's data performed relatively well after the pandemic, but it may still be affected seasonally. Looking ahead, while overseas experience suggests that travel and gaming demand may well remain above pre-pandemic levels for a few quarters after reopening, investors are still quite divided on the future trajectory of total gaming revenue recovery. The bank continues to be constructive and expects total midfield gaming revenue to fully return to pre-pandemic levels by the end of the year and reach 110% of pre-pandemic levels in fiscal year 2024. The bank said that among gaming stocks, it continues to rate Bank Entertainment (0027.HK), Sands China (1928.HK), Xinhao Boya (MLCO.US), and Australian Expo (0880.HK) as “buy”, but the bank added Bank Entertainment to its “convinced buy” list, while excluding Sands China and adjusting the target price of each share.