Investors have a confusing ride
Gaming stocks on the Hong Kong Stock Exchange have been on a roller coaster ride since the beginning of the year.
In July, Macau casino stocks declined 11 percent on average, and underperformed both the MSCI Hong Kong Index and MSCI China Index by 11 percentage points, said Deutsche Bank.
The prolonged VIP slowdown and some deceleration in mass gaming revenue, as well as some negative macroeconomic data in mainland China have been adding to pressure on share prices.
Overall gross gaming revenue (GGR) in Macau fell 3.7 percent in June from a year earlier, the first year-on-year decline in five years, followed by a 3.6 percent drop in July. On Monday, official figures showed the August decline was 6.1 percent from a year earlier.
Stocks of casino operators have also slipped as brokerage firms and investment banks have cut their 2014 growth forecasts. The latest to do so has been Deutsche Bank AG.
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