2024年3月博彩行业数据跟踪点评：博收持续恢复，符合市场预期

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The gaming industry is currently in a recovery phase, with a clear trend of increasing foot traffic and strong demand. The recovery of gaming revenue is expected to continue, leading to gradual improvement in the performance of gaming companies [4][5] - In March 2024, Macau's gaming gross revenue reached 19.5 billion MOP, a year-on-year increase of 53%. The recovery level reached 76% compared to the same period in 2019, with a quarter-on-quarter increase of 2.6 percentage points [4] - The number of inbound tourists to Macau in February 2024 was 3.29 million, recovering to 93% of the same period in 2019, with a 15% increase compared to December [4] Summary by Sections Industry Overview - The total number of listed companies in the gaming industry is 6, with a total market capitalization of 61.2 billion USD [2] Market Performance - The first quarter gaming gross revenue totaled 57.3 billion MOP, recovering to 75.3% of the level in 2019, with a quarter-on-quarter increase of 0.3 percentage points [4] Company Recommendations - Continued recommendation for Sands China Ltd., which is a leader in the Macau gaming industry. The company has the highest supply in gaming tables, hotels, and shopping centers. The current PE valuation is 11 times, and EV/EBITDA is 10 times, indicating low valuation and investment value [4]