Glonghui, January 17 | Lyon published a research report showing that Macau's gambling revenue last quarter increased 11% month-on-month to MOP 54.1 billion, reaching 75% of 2019 levels. As a result, the bank expects the Macau gaming industry's adjusted EBITDA to increase 8% month-on-month to US$1.97 billion last quarter. In terms of performance, the scope of EBITDA profit margin expansion during the Lunar New Year period, rebates, etc. will be the main focus of investors. The bank lowered the industry's EBITDA forecast by about 1% and maintained its gaming revenue forecast. Macau's gambling revenue is expected to increase 30% year-on-year to US$29.2 billion in fiscal year 2024. The bank said that Sands China and MGM China are still the first choice, with target prices of HK$28.5 and HK$12.9 respectively. It also lowered the target price of GEG from HK$52.3 to HK$51.3 to reflect the high expectations of corporate management expenses, and the ratings were all “buy”.