Macau Casino Stocks Fall Across the Board as Gaming Revenue Growth Slows and Citi Trims October Forecast

Stock News10-28 14:26

Casino stocks declined across the board, with Wynn Macau Ltd (ASX: 01128) falling 3.54% to HK$4.495, MGM China Holdings Ltd (ASX: 02282) dropping 3.48% to HK$8.87, Sands China Ltd (ASX: 01928) sliding 3.21% to HK$10.54, and Galaxy Entertainment Group Ltd (ASX: 00027) declining 2.86% to HK$31.22.

On the news front, Citi released a research report stating that according to industry sources, Macau's gaming revenue for the first 25 days of October is estimated to reach approximately MOP 17.65 billion. The average daily gaming revenue from October 20 to 25 was about MOP 592 million, which is 3% lower than the approximately MOP 613 million recorded from October 12 to 19, and also 2% below the roughly MOP 602 million seen in September, indicating that the weakness the bank previously identified is still persisting.

Based on industry sources, the average daily gaming revenue trend month-to-date in October implies a year-on-year decline of approximately 10%. The bank has lowered its October gaming revenue forecast from MOP 23 billion to MOP 21.5 billion, representing a year-on-year drop of 11%.

UBS believes that the recent slowdown in gaming revenue performance appears to be dragged down by lower VIP room win rates and weak high-end gaming demand. Month-to-date, mass-market average daily revenue rose 14% to 17% month-on-month, while VIP room rolling chip volume average daily revenue increased 15% to 18% month-on-month. The VIP room win rate came in at 2.9% to 3.2%, compared with 3% to 3.3% last week. The bank expects the base effect facing November will remain severe.

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