On July 19, MGM China and Sands China fell more than 3%, while SJM Holdings and Melco International Development fell more than 2%, and Wynn Macau and Galaxy Entertainment fell more than 1%. UBS Group believes that the enforcement of the crackdown on illegal currency exchange in Macau is still ongoing and may affect demand for high-end middlemen in the short term. However, the increase in air capacity for mainland city flights to Hong Kong and Macau for individual travel, as well as the end of the European national cup, may partially alleviate the impact. JPMorgan believes that Macau's gaming revenue recorded 3.85 billion Macau yuan in the first seven days of July, with a daily average income of 0.55 billion, which is 7% lower than the daily average of 0.59 billion in June and 11% lower than the daily average income of 0.62 billion in the second quarter. The disappointing revenue can be attributed to the European Cup, as large sporting events generally shift demand for gambling. In addition, if the crackdown on illegal currency exchange is strengthened, it may affect recent demand to a certain extent, and the bank is closely monitoring the situation.