HK Stock Market Move | Gambling stocks fell in the early trading session, and Macau's gambling revenue in January decreased by 5.6% year-on-year. Goldman Sachs estimates that industry revenue in the previous quarter will briefly decline.

Casino stocks fell across the board in early trading. As of the time of writing, GALAXY ENT (00027) fell by 4.58% to 28.15 Hong Kong dollars; Sands China (01928) fell by 4.49% to 16.16 Hong Kong dollars; WYNN MACAU (01128) fell by 3.65% to 5.01 Hong Kong dollars; MGM CHINA (02282) fell by 3.27% to 9.75 Hong Kong dollars. On the news front, data from the Gaming Inspection and Coordination Bureau of Macau showed that casino revenue in January was 18.254 billion Macau dollars, a year-on-year decrease of 5.6%, marking the second consecutive month of year-on-year negative growth. A research report by Lyon stated that Macau's total casino revenue in January was 18.3 billion Macau dollars, 6% lower than expected, showing a disappointing performance. In addition, from January 29 to 31 this year, there were only an average of 150,600 visitors to Macau per day, indicating a limited number of tourists. Goldman Sachs previously released a research report stating that the performance of the Macau gaming industry is starting to unfold. Considering the brief decline in casino revenue in the last quarter and higher promotional budgets, the bank has adjusted its EBITDA forecasts for Macau casino stocks for 2024 to 2026 by 8% downward to 8% upward, with target prices adjusted downwards by 7% to 13%. The bank believes that although concerns about the reversal of promotional budget trends may again intensify market competition, it maintains a constructive view on Macau casino stocks.