Glonghui, June 19 | J.P. Morgan Chase released a research report saying that due to the off-season and lower VIP room win rate, total gaming revenue in Macau was 9.7 billion MOP on the first 16 days of this month, reflecting the average gambling revenue drop to MOP 530 million last Sunday. The bank said it did not think that casinos stopped serving snacks last week and would have any real impact on total gaming revenue, but it believes illegal currency exchange activities have declined markedly due to recent news. According to the bank, it will maintain the forecast of total gaming revenue of 17.5 billion to MOP 18 billion in June. According to Motong, even if the recovery in industry demand is unexpectedly resilient, and the policies seem favorable, the current valuation of Macau Gaming shares is still cheap. The bank believes that there will be no strong factors prompting the re-rating in the near future, and investors can now focus on long-term favorable factors. The bank's preferences for Macau Gaming stocks were MGM China and Wynn Macau, with target prices of HK$18.5 and HK$11 respectively, which were the first choice; then Sands China, with a target price of HK$26, which gave an “increase” rating; then Galaxy Entertainment, with a target price of HK$43, rated “neutral”; and finally, Macau Expo, with a target price of HK$3.3, rated “neutral”; finally, there was Macau International Development, with a target price of HK$5, which gave a “reduced holdings” rating. The bank also gave Melco Entertainment a target price of $10, giving it an “increase in weight” rating.