According to a research report published by Fuhui, the casino revenue in Macau has dropped by about 4.5% to an average of 0.566 billion Macau dollars per day as of September 15, which is similar to the level of 0.593 billion Macau dollars in the first eight days of this month. From the beginning of the month until now, the revenue from the mass market and VIP rooms has fallen by 10% to 12% and 8% to 10% respectively, with VIP room win rate ranging from 3.1% to 3.4%.

The bank predicts that the daily gambling revenue for the remaining period of this month will range from 0.52 billion to 0.58 billion Macau dollars, resulting in a gambling revenue of 16.3 billion to 17.2 billion Macau dollars in September, with a year-on-year growth of 9% to 15%, compared to the previous forecast of 16.85 billion to 17.95 billion Macau dollars. However, Fuhui points out that due to seasonal factors, the gambling revenue in September is expected to be lower than that in the summer months, and advises investors to focus on longer-term stock selection. It is more bullish on MGM China (02282.HK) and gives it a "buy" rating.

The bank predicts that the Golden Week of the National Day holiday will be another catalyst. However, the negative macro environment in China will continue to drag down the valuation of casino stocks. In addition, major gambling companies have intensified their market promotion activities in recent months, which may bring further pressure on stock prices. Currently, it gives a "buy" rating to MGM China (02282.HK) and a "hold" rating to Wynn Macau (01128.HK).