On July 17, Guosen's Lyon research report predicted that due to a 1.6% quarterly decline in Macau's second-quarter gambling revenue, the second-quarter EBITDA of the gambling industry is expected to decline by 5% to $1.934 billion. The forecasted gambling revenue for 2024 and 2025 is also lowered by 3% and 5.3% to $28.6 billion and $29.7 billion, respectively. The industry's EBITDA forecast is expected to decline by 8.1% and 5.8%, and it is expected that the industry-wide EBITDA will not fully recover until the second half of next year. Despite the low gambling revenue in early July and the recent crackdown on illegal money changers, stable balance sheets and reasonable competition should enable the companies tracked by the bank to withstand these short-term adverse factors. The bank maintains a rating for Macau casino stocks, with MGM China and Wynn Macau remaining top picks in the industry. However, the target price for each casino stock was lowered: MGM China's target price was lowered from HK$19.5 to HK$16.6, Silver Heritage's target price was lowered from HK$53.3 to HK$48.8, Sands China's target price was lowered from HK$27.1 to HK$21.6, Wynn Macau's target price was lowered from HK$10.1 to HK$7.8, while Melco's target price was lowered from US$11 to US$7.4, and Galaxy's target price was lowered from HK$3 to HK$2.6.