我们预计2021 年剩余时间到2022 年，中国大陆和澳门以外地区报告新冠肺炎确诊及死亡病例的增加将导致跨境旅行限制的增加，这将对赴澳门旅游产生负面影响。我们预计在中国大陆会继续不时报告小规模本地新冠肺炎病例，但疫情会受控，且并不会出现严重的全国性复发。因此，我们预计，至少在今年剩余时间里，目前澳门与中国大陆间的旅行限制将保持现状。

Our Macau Gaming Sector Thesis...................................................................................................3
Macau Gross Gaming Revenue & Visitation.................................................................................11
Sector Valuations.............................................................................................................................13
Risks..................................................................................................................................................13
Galaxy Entertainment (00027 HK) ..................................................................................................14
Melco Resorts & Entertainment (MLCO US) .................................................................................16
MGM China (02282 HK) ...................................................................................................................18
Sands China (01928 HK) .................................................................................................................20
Wynn Macau (01128 HK) .................................................................................................................22