Gaming Stocks Continue Downward Trend as Major Banks Forecast Deteriorating Profitability and Slower Growth

Stock News04-13 11:26

Macau gaming stocks extended their decline. At the time of writing, Melco International Development (00200) fell 5.49% to HK$4.13. Galaxy Entertainment (00027) dropped 3.64% to HK$33.88. SJM Holdings (00880) declined 2.38% to HK$2.05. MGM China (02282) decreased 2.24% to HK$10.93.

The news follows Macau's first-quarter 2026 gross gaming revenue (GGR), which increased 14% year-on-year to MOP 65.9 billion. CLSA recently stated in a research report that despite the strong Q1 2026 GGR performance, it believes there is less room for positive organic surprises ahead. The firm anticipates a near-term deterioration in industry profitability, a change it expects to lead Macau GGR growth by approximately six months. However, a stronger Renminbi is still expected to provide support.

Jefferies published a report noting that the solid start to April supports the current share price levels of Macau gaming stocks but is largely neutral for the overall sector. This is primarily because the period of easy comparables is ending, coupled with the impact of geopolitical factors. Morgan Stanley previously forecast that growth will slow in the second half of the year due to base effects impacting gaming revenue, alongside persistent weakness in the mass-market segment. The bank expects year-on-year gaming revenue growth to decelerate starting in May, with negative EBITDA growth projected for the second and third quarters.

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At the time of writing, Melco International Development (00200) fell 5.49% to HK$4.13. Galaxy Entertainment (00027) dropped 3.64% to HK$33.88. SJM Holdings (00880) declined 2.38% to HK$2.05. MGM China (02282) decreased 2.24% to HK$10.93.</p>\n<p>The news follows Macau's first-quarter 2026 gross gaming revenue (GGR), which increased 14% year-on-year to MOP 65.9 billion. CLSA recently stated in a research report that despite the strong Q1 2026 GGR performance, it believes there is less room for positive organic surprises ahead. The firm anticipates a near-term deterioration in industry profitability, a change it expects to lead Macau GGR growth by approximately six months. However, a stronger Renminbi is still expected to provide support.</p>\n<p>Jefferies published a report noting that the solid start to April supports the current share price levels of Macau gaming stocks but is largely neutral for the overall sector. This is primarily because the period of easy comparables is ending, coupled with the impact of geopolitical factors. Morgan Stanley previously forecast that growth will slow in the second half of the year due to base effects impacting gaming revenue, alongside persistent weakness in the mass-market segment. 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