According to a research report from Morgan Stanley, the first five days of the National Day Golden Week last year saw Macau's average daily gaming revenue reach approximately MOP 1.1 billion. Given that the hotel occupancy rate during this year's Lunar New Year holiday is comparable to that period, coupled with an Average Daily Rate (ADR) that is about 25% higher, the firm anticipates gaming revenue for the Lunar New Year holiday to be similar to, or even stronger than, last year's Golden Week. Data from the institution indicates that the daily room rate during the Lunar New Year holiday is 25% higher than during last year's Golden Week and has increased by 29% compared to the same period last year. Occupancy rates, measured by the number of days with sold-out rooms, are similar to last year's Golden Week but have declined by approximately 7 percentage points year-on-year. Based on the higher room rates, the firm expects post-holiday demand to persist for a longer duration, supporting its forecast for a 13% year-on-year increase in Gross Gaming Revenue for February. Concurrently, Morgan Stanley projects that the industry's EBITDA for the first quarter of this year will grow by 16% year-on-year, which is likely to lead to upward revisions in profit estimates by the market.