Macau Casino Stocks Keep Falling as September Gaming Revenue Misses Forecasts and Golden Week Disappoints

Stock News10-08 15:22

Casino stocks continued their downward trend, with Wynn Macau (01128) falling 3.08% to HK$4.87, MGM China (02282) dropping 2.24% to HK$9.175, and Sands China Ltd (01928) declining 2.13% to HK$11.03 as of press time.

On the news front, Macau's Gaming Inspection and Coordination Bureau reported that September gross gaming revenue came in at MOP 18.06 billion, down 1.2% year-on-year, missing market expectations of a 2.2% increase. This marks the fourth consecutive month of decline, with a month-on-month drop of 17.5%. For the first nine months of this year, Macau's gross gaming revenue reached MOP 187.12 billion, up 3.2% year-on-year.

Additionally, Macau's gaming revenue weakened during the National Day Golden Week. From October 1 to 4, the industry's gross gaming revenue was estimated at approximately MOP 4.1 billion, averaging about MOP 1.025 billion per day, representing a year-on-year decline of 5% to 7%. JPMorgan forecasts that gaming revenue for the National Day Golden Week and the full month of October will fall 5% year-on-year, slightly underperforming expectations.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment