On December 2nd, Gelonghui reported that jpmorgan's research indicated that Macau's gaming revenue in November increased by 15% year-on-year to 18.4 billion Macanese patacas, reaching 81% of pre-pandemic levels, which is a moderate improvement from 77% recovery year-to-date. The bank expects mass gaming revenue to remain strong at about 113% of pre-pandemic levels, similar to October and the second quarter of this year, while VIP facilities are expected to stabilize, recovering to lows of mid-20% compared to pre-pandemic. The bank stated that gaming revenue in December may fall below seasonal levels, predicting a growth of approximately 1% to 3% for the month, amounting to between 18.5 billion to 19 billion Macanese patacas. However, even so, this would still be enough to drive a quarter-on-quarter growth of 4% to 5%, achieving the highest level in 20 quarters. This should allow the industry to comfortably meet market forecasts for the fourth quarter of 2024 and the fiscal year 2024. The bank is bullish on galaxy ent and has designated it as its sole top pick for next year, based on its unique profit momentum and the belief that the stock is undervalued. The bank's preferred ranking is as follows: silver ent (target price 48 HKD), followed by Sands China (target price 24 HKD), wynn macau (target price 7.7 HKD), and mgm china (target price 14 HKD), all rated as "shareholding"; next is澳博 (target price 3 HKD), rated as "neutral"; and finally, 新濠国际 (target price 4.5 HKD), rated as "shareholding".