Core Viewpoint - Morgan Stanley's report indicates that Macau's average daily gaming revenue during the first five days of the National Day holiday last year was approximately 1.1 billion MOP, with expectations for this year's Lunar New Year holiday to match or exceed that figure due to similar occupancy rates and a 25% increase in average daily room rates (ADR) [1] Group 1 - The average daily room rate (ADR) during this year's Lunar New Year holiday is 25% higher than that of last year's National Day holiday and 29% higher than the same period last year [1] - Occupancy rates during this year's Lunar New Year holiday are similar to last year's National Day holiday but have decreased by approximately 7 percentage points compared to the same period last year [1] - Based on high occupancy rates, the company anticipates that demand will continue for a longer period post-holiday, supporting a projected 13% year-on-year growth in total gaming revenue for February [1] Group 2 - The company expects a 16% year-on-year growth in EBITDA for the gaming industry in the first quarter of this year, leading to upward revisions in market earnings forecasts [1]