Macau’s gambling Revenue Grew At Slowest Pace in 3 years (LVS, MGM, WYNN, BYD)
Shares of casino slumped on Friday after date showed that Macau’s casino gambling revenue increased in May at its slowest pace in nearly three years.
Macau casinos took in 26.08 billion patacas (US$3.26 billion) during May, the second highest monthly figure on record, according to figures compiled by the territory’s Gaming Inspection and Coordination Bureau.
Gambling revenue for latest month jumped 7.3% year over year, well below 22% growth in April, and marking the slowest pace of expansion since July 2009.
Chan projected revenue growth would likely bottom around the fourth quarter, returning to higher growth rates later this year, once China’s senior-level leadership transition is completed.
Analyst at Credit Suisse said “It’s not a good set of numbers.”
He added there was anecdotal evidence, including declining luxury watch sales, that indicated China’s affluent classes have been cutting spending in the run-up to the transition.
The research brokerage also cited a shortened season as affecting Macau’s monthly gambling revenue, noting that there two fewer public holidays in the May calendar this year.
Las Vegas Sands Corp.(NYSE:LVS) slumped 4.63% to $44.03 on high volume. The stock is up over 3% so far this year and 5% over the past one year.
MGM Resorts International(NYSE:MGM) fell 2.86% to $10.52 on high volume. The stock is up over 1% so far this year and down 28% over the past one year.
Wynn Resorts, Limited(NASDAQ:WYNN) slid 2.90% to $100.05 on high volume. The stock is down over 9% so far this year and fell 33% over the past one year.
Boyd Gaming Corporation(NYSE:BYD) decreased 4% to $7.30.