HK Stock Market Move | Gambling stocks rebound today, UBS raises this year's Macau gambling revenue forecast and lowers next year's gambling revenue growth forecast.

Gambling stocks rebounded today, as of the time of writing, WYNN MACAU (01128) rose by 4.31% to 6.53 Hong Kong dollars; MGM CHINA (02282) rose by 3.96% to 15.74 Hong Kong dollars; MELCO INT'L DEV (00200) rose by 3.68% to 4.79 Hong Kong dollars; GALAXY ENT (00027) rose by 2.71% to 39.44 Hong Kong dollars. On the news front, the Macau SAR government estimated the full-year gross gambling revenue for next year to be 236 billion Macau dollars. Credit Suisse issued a research report stating that although the data seems to set a bottom for predictions, a cautious tone suggests that the market may struggle to sustain the expected unit growth in gambling revenue for this year. The bank has adjusted its revenue outlook for the rest of this year and next year to an annual increase of 9.1% and 3.6%, respectively. Credit Suisse stated that considering the recent strong market performance, it has raised its forecast for Macau gambling revenue for this year from 28.217 billion US dollars to 30.777 billion US dollars. To reflect the Macau government's cautious forecast for gambling revenue, next year's forecast has been lowered from 32.917 billion US dollars to 31.878 billion US dollars, with the annual growth rate reduced from the previous 5% to 3.6%.