Citibank: The decrease in Macau's gambling revenue in June and July compared to the World Cup is 10% and 5% respectively.

Citibank released a research report stating that the total gaming revenue (GGR) in Macau will slow down in the short term due to the World Cup matches held from June 11 to July 19. Historical analysis shows that major football events will divert the gambling budget of Macau players, and this year's expanded schedule with more matches (adding 16 additional participating teams and 32 more teams in the knockout stage) may have a more significant impact. Citibank predicts that total gaming revenue in Macau will decrease by 10% year-on-year in June and by 5% year-on-year in July, but will quickly recover under strong post-game pushing. Despite the temporary slowdown, the bank remains optimistic about the Macau gaming industry. Currently, Macau's gaming industry's EBITDA is about 11.4 times the historical average, about 2 standard deviations lower. The bank's strategy is to hold the fort and strike back opportunistically, recommending to build positions in GALAXY ENT (00027) and Sands China (01928), the two companies that the bank views most favorably, may experience short-term weakness in their stock prices. Wynn Macau (01128) and MGM China (02282) have already resumed dividends, with dividend yields ranging between 5-7%.