Casino Stocks Low-Rolling On Soft June Macau Gaming Revenue
XAutoplay: On | Off Gross gaming revenue for the month rose 25.9% to 20 billion patacas, or $2.49 billion. That fell below the midpoint of forecasts; expectations had ranged from 23% to 33%, according to Reuters. That marks the 11th straight month of casino revenue growth in the wake of the Chinese government's crackdown on corruption.
Las Vegas Sands (LVS) fell 1.2% to 63.11 in morning trade in the stock market today, dropping to 62.12 intraday. Wynn Resorts lost 1.7% to 131.81 after falling to 128.82, testing its 50-day moving average.
MGM Resorts International (MGM), which has less Macau exposure than Las Vegas Sands and Wynn Resorts, sank 0.6%. The casino fell 4.9% on Friday, tumbling below its 50-day line, after receiving a price-target cut last week from Deutsche Bank, which has a buy rating on the stock.
Melco Resorts & Entertainment (MLCO), which also has heavy Macau exposure, retreated 2.8%.