On June 18, Galaxy Entertainment fell 3.04% in regular trading, trading at HK$29.96/share, with turnover of HK$159 million. The broad Macau gaming sector continued to weaken amid concerns over near-term revenue headwinds.
On the news front, Citi projected that the FIFA World Cup would weigh on Macau gaming revenue in June and July, forecasting year-over-year declines of 10% and 5% respectively for those months. Separately, CLSA lowered target prices on multiple Macau gaming stocks including Galaxy Entertainment, stating the industry is entering a slow lane with limited upside surprises in gaming revenue and free cash flow coming under pressure.
Within the Casinos and Gaming sector, the entire group traded lower. Among peers, MELCO International Development fell 3.66%, Sands China fell 3.07%, MGM China fell 2.51%, SJM Holdings fell 1.84%, and Wynn Macau fell 1.49%, reflecting broad sector weakness driven by the dimming near-term revenue outlook.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments