According to an industry survey, Macau's gross gaming revenue for the first 25 days of May reached MOP 17.9 billion, translating to a daily average of MOP 716 million. The average daily revenue for the past week declined by approximately 5% week-on-week to MOP 656 million, aligning with expectations. JPMorgan maintains its forecast for May's total gaming revenue to grow 2-4% year-on-year, with growth expected to stabilize in June and July. Despite first-quarter earnings for Macau gaming stocks exceeding expectations, the sector has experienced a pullback. The bank suggests that while the entry point for buying these stocks appears very low, the sector may not have bottomed out yet, as the market is pricing in an anticipated slowdown in gaming revenue over the coming months. Consequently, JPMorgan advises against rushing into purchases, maintaining a "Neutral/Selective" stance on the sector. For investors focused on medium-term opportunities, income-oriented stocks such as Galaxy Entertainment (00027), Wynn Macau (01128), and Sands China Ltd. (01928) are considered to hold value. The bank's preferred order remains Galaxy Entertainment, Sands China Ltd., Wynn Macau, MGM China (02282), Melco Resorts & Entertainment (MLCO.US), Melco International Development (00200), and SJM Holdings (00880).