Glonghui, December 5 | Goldman Sachs published a report stating that Macau's gross gaming revenue in November was 16 billion patacas, in line with market expectations, equivalent to 70% of the 2019 pandemic. The data showed that from November 20 to 30, the average daily gaming revenue was 549 million patacas, up from the previous week's 486 million patacas. It is estimated that bettors avoided visiting Macau due to crowds during the previous Macau racing period. According to the report, as the year-end holidays approach, Macau continues to hold a number of concerts and large-scale events. Galaxy Macau, a subsidiary of Ginkgo, and iQiyi are collaborating on variety shows. Relevant news made the market pay attention to the rise in non-gaming operating expenses. The average daily operating expenses of the six gaming operators in the third quarter increased 6% quarterly, only 5% lower than the same period in 2019, while gross gaming revenue increased 9% on a quarterly basis. It is estimated that there is limited room for profit margin improvement, from 28.1% in the second quarter to 28.6% in the third quarter, while future operating expenses and capital expenses in the third quarter The commitment was also unclear. According to the bank's survey, Sands China and Wynn Macau will invest more than capital expenses, while Galaxy Entertainment and Aobo Holdings will invest more than operating expenses. The bank is concerned that the industry faces rising operating costs and the slowdown in EBITDA recovery; it also believes that the factors that will dominate the industry's EBITDA forecast in the future are the growth of gaming and non-gaming revenue. It is estimated that the industry's EBITDA for 2024 and 2025 is 8.8 billion and 9.7 billion US dollars respectively, equivalent to 93% and 104% respectively in 2019, and has “buy” ratings for Banking, Sands, Metropolis Boa and Australia Expo.