According to third-party data, it is estimated that Macau's gambling revenue in November reached 16.9 billion to 17.9 billion Macau dollars, equivalent to a year-on-year increase of 5% to 12%, while a month-on-month decrease of 14% to 19%. Galaxy Entertainment (00027) saw a 4 percentage point increase in market share in October to 21%, the only Macau gambling company to achieve market share growth during the period, with management attributing this to a concert by the movie star Andy Lau during the National Day Golden Week.

The bank pointed out that the trend of gambling revenue in November weakened due to seasonal factors, while the recovery of inbound tourists met expectations. As of November 10, over 30 million people have entered Macau, reaching 91% of the Macau government's annual target. However, retail remains weak, with total third-quarter tourist spending dropping by 6% to 18.4 billion Macau dollars year-on-year, and per capita shopping expenditure dropping by 18.6%, especially among tourists from the mainland, with a decrease of 20%.