Glonghui, August 9 | Goldman Sachs published a research report saying that Wynn Macau's second-quarter results fell short of expectations. Property EBITDA fell 17% to 0.28 billion US dollars during the period, gambling revenue fell 12% quarterly, hotel revenue fell 10% quarterly, non-gaming revenue fell 11% quarterly, and EBITDA gross profit fell 2.3 percent quarterly to 31.7%. Furthermore, the company's gambling market share fell 1.5 percentage points to 12.7% year-on-year, which is lower than the bank's forecast of 13.3%, indicating that gambling revenue was obtained by MGM China. The latter's market share for the last two to three months has remained stable at about 16%. Goldman Sachs quoted management as saying that it is optimistic and cautious about the business outlook and noticed that, driven by strong cash bets in the midfield, its gambling closing share rebounded to the expected range in July, and according to the bank's channel inspection, the market share for the month is expected to be 13.5% to 14%. The bank lowered the company's EBITDA forecast for 2024 to 2026 by about 5%, and the target price was lowered from HK$9.6 to HK$8.8, maintaining a “neutral” rating. According to the bank, it is believed that the management's comments that its gambling market share has returned to the previous level of 13% to 14% may be viewed as positive news by investors in the short term, even when market competition is fierce and outlook visibility is low.