Glonghui, April 12 | Macquarie published a report stating that it is expected that the profit of Hao Gaming shares in the first quarter will be affected by market share. It is estimated that the market share of MGM China, Wynn Macau and Macau Expo will increase quarterly. Among them, MGM China benefited from strong marketing activities in January, which had a market share as high as 20%, but due to the low win rate, the market share fell back to about 13% to 17% in February and March. The bank expects MGM's market share in China to be 17% in the first quarter. Compared with a slight increase of 16% in the fourth quarter of last year, adjusted EBITDA increased 65% on an annual basis and 6% quarterly. The bank believes that with the launch of the new project, the company's momentum was strong in March, and it is expected that Shanghai Lisboa has reached an important stage of turning losses into profits, driving strong profit growth. It is expected that the adjusted EBITDA profit margin in the first quarter will increase by 12 percentage points year on year and 2 percentage points on a quarterly basis. In addition, the bank's first choice remains GEG and Sands China. They are optimistic that they will carry out renovations this year and beyond, have strong real estate reserves, and sufficient inventory of hotel rooms.