HK Stock Market Move | Gaming stocks collectively declined as Citigroup further downgraded its August gaming revenue forecast, expecting a year-on-year growth of approximately 2%.

Gambling stocks collectively fell, with MELCO INT'L DEV (00200) down 3.11% to HKD 3.27; SJM HOLDINGS (00880) down 1.68% to HKD 1.46; and WYNN MACAU (01128) down 1.69% to HKD 5.82. On the news front, Citi's latest research report indicates that, based on industry data, Macau's gaming revenue for the first 23 days of August is estimated to reach approximately MOP 16.65 billion. The average daily gaming revenue for the past week was around MOP 714 million, slightly lower than the approximately MOP 721 million for the week ending August 10, but roughly in line with last year's average of about MOP 715 million for the same period. Citi stated that the upcoming concerts and events in Macau could further drive the recovery of gaming revenue. Citi conservatively lowered its forecast for August gaming revenue from MOP 23 billion to MOP 22.5 billion, representing a year-on-year increase of about 2%, meaning that the average daily gaming revenue for the remainder of the month is expected to reach about MOP 726 million. Notably, this is the second time this month that Citi has revised down its forecast for August gaming revenue.