Gaming Stocks in Hong Kong Decline, SJM Holdings Extends Losing Streak to Seven Days, Hitting New Yearly Low as World Cup Diverts Gambling Budgets

Deep News06-18

Shares in Hong Kong's gaming sector continued their downward trend.

GALAXY ENT (HKEX: 0027) fell 1.36%, while SJM HOLDINGS (HKEX: 0880) dropped 1.23%, marking its seventh consecutive day of losses and reaching a new low for the year.

Analysts from Citigroup and HSBC Research have identified the ongoing World Cup tournament, running from June 11 to July 19, as a key factor behind the short-term slowdown in Macau's Gross Gaming Revenue (GGR). Historical data indicates that major football events typically divert gambling budgets of Macau patrons, and the expanded tournament format this year may amplify this effect. Citigroup forecasts a 10% year-on-year decline in Macau's GGR for June.

HSBC Research noted in a report that the near-term slowdown in average daily revenue could pressure market sentiment and performance for the gaming sector. The firm expressed a preference for GALAXY ENT due to its improving high-end portfolio and strong long-term growth drivers, while also maintaining a 'buy' rating on the stock.

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Historical data indicates that major football events typically divert gambling budgets of Macau patrons, and the expanded tournament format this year may amplify this effect. Citigroup forecasts a 10% year-on-year decline in Macau's GGR for June.<br><br>HSBC Research noted in a report that the near-term slowdown in average daily revenue could pressure market sentiment and performance for the gaming sector. 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Historical data indicates that major football events typically divert gambling budgets of Macau patrons, and the expanded tournament format this year may amplify this effect. Citigroup forecasts a 10% year-on-year decline in Macau's GGR for June.HSBC Research noted in a report that the near-term slowdown in average daily revenue could pressure market sentiment and performance for the gaming sector. 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