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.
Jul 15, 2019Pansy Ho Chiu King, co-chairperson and executive director of Macau casino operator MGM China Holdings Ltd, says the city’s six gaming concessionaires should remain in the market amid the process of...
Jul 15, 2019
”For any products that are legally allowed to operate in other countries and regions, the company will not adopt them if the laws of Macau do not allow it and will strictly adhere to the law of Macau”
Chief executive of Macau junket brand Suncity Group