On July 18, Guo Lianhui news reported that CICC expects that Macao's total gambling revenue in the second quarter of this year will increase by 24% year-on-year, but decrease by 1.6% quarter-on-quarter, returning to 77% of the total gambling revenue in the second quarter of 2019. Industry EBITDA increased by 23% year-on-year, but decreased 1% quarter-on-quarter to $2.02 billion, which restored to 84% of the second quarter of 2019. Considering that the overall gambling performance remains strong and the reinvestment rate is relatively stable, CICC expects that Macau's total gambling revenue will increase by 2% quarter-on-quarter and 17% year-on-year in the third quarter of this year. The bank lowered its industry EBITDA forecast for the whole year by 3% and raised its forecast for next year's industry EBITDA by 1%, expecting to recover to 90% and 106% of the 2019 level respectively. The bank believes that MGM China is expected to continue to lead the industry's total gambling revenue recovery in the second quarter and reiterated its "outperform" rating. In terms of market share, it is expected that Yin Yu and Melco Resorts & Entertainment will benefit from the release of their new properties in the second quarter, and gain more market share of total gambling revenue, while Wynn Macau's properties may lose the most market share of total and mid-range gambling revenue due to their similar positioning and target audience as Studio City International and Galaxy Macau Phase III. The bank downgraded Sands China's target price from HKD 32 to HKD 26.8, based on the impact of the refurbishment project of the Londoner Macao phase II on profits.