Glonghui, May 24 | According to a report published by UBS, Macau released visitor statistics for April. The average number of visitors per day dropped by about 1%, with an average of 87,000 visitors per day, about 76% of the 2019 level. It was mainly dragged down by the decline in the number of visitors to Hong Kong. Due to the high base effect of the Easter holiday in March, the number of visitors to Hong Kong decreased by about 9% in April. According to the report, starting May 27, the mainland will add 8 new individual tourist cities to Hong Kong and Macau, which is expected to continue to drive the growth of visitors to Macau. Assuming that midfielders account for 85-90% of total gambling revenue, it is estimated that the average spending of midfielders in April remained flat at MOP 6,100 to 6,500 (equivalent to 135 to 140% of 2019 levels), reflecting resilient high-end demand. Currently, the EV/EBITDA valuation of Hao Gaming shares is about 10.2 times, which is 1.2 standard deviations below the long-term average. The bank continues to be optimistic about the industry, preferring GEG and Xinhao Boya.