Lyon released a report stating that Macau gambling stocks will start announcing third-quarter earnings at the end of October. Due to a 1.5% quarterly decline in Macau's gambling revenue and continued pressure on profit margins, the industry's Ebitda is forecasted to decline by 10% to $1.748 billion. The report mentioned that due to the downward revision of profit margin forecasts, the bank will lower the industry's 2024 to 2025 Ebitda forecast by 1% to 3%. However, after the recent announcement of stimulus economic measures in the mainland, the bank expects performance to focus on recent operational updates rather than third-quarter earnings.

Furthermore, due to the increase in market share offsetting concerns about profit margin contraction, Lyon raised Sands China's target price from HK$25.1 to HK$25.8, with a rating of 'outperform the market'. MGM China and Sands China remain the bank's top picks.