According to its channel research, Macau's GGR for the first six days of July was MOP4.3 billion, or MOP716 million per day, JPMorgan issued a research report saying. This is a stronger month than June or May, although the Jacky Cheung concert and summer seasonality helped July performance.

JPMorgan believed that Macau's GGR has exceeded seasonality and market consensus for 3 consecutive months and will continue to do so. Therefore, the broker confirmed that the Macau gaming industry has reached a cyclical inflection point after up to 20 months of painful and prolonged cuts to market earnings forecasts.

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JPMorgan's pecking order for casinos is as follows: MGM CHINA (02282.HK)  +0.300 (+1.989%)    Short selling $13.39M; Ratio 4.955%   = GALAXY ENT (00027.HK)  +0.300 (+0.785%)    Short selling $132.72M; Ratio 14.346%   > Melco Resorts & Entertainment (MLCO.US)      = SANDS CHINA LTD (01928.HK)  +0.100 (+0.534%)    Short selling $179.44M; Ratio 29.205%   > WYNN MACAU (01128.HK)  +0.390 (+6.171%)    Short selling $28.17M; Ratio 10.135%   > SJM HOLDINGS (00880.HK)  +0.110 (+3.780%)    Short selling $11.51M; Ratio 8.728%   > MELCO INT'L DEV (00200.HK)  +0.170 (+3.269%)    Short selling $6.41M; Ratio 4.910%   .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-08 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)