According to data released by the Macao Gaming Inspection and Coordination Bureau, gaming revenue in the month of November came in at 16.4 billion patacas, about 32 percent lower than November 2014’s number.
Shares of Melco Crown Entertainment Ltd (ADR) MPEL 4.04%, Las Vegas Sands Corp LVS 3.84%, MGM Resorts International MGM 4.48% and Wynn Resorts, Limited WYNN 5.81% were all trading higher in early trading on Tuesday after enduring heavy selling pressure over the past month.
Still Searching For A Bottom
November marks the 18th consecutive month of year-over-year negative gaming revenue growth in Macau, and shareholders of Macau names are still searching for signs that the market has stabilized.
February marked the high point for gaming revenue declines so far in 2015 at -48.6 percent. After October number marked the highest monthly revenue total for Macau since May and the lowest year-over-year decline since January, the November number was another step in the wrong direction. November’s GGR of only 16.4 billion patacas represents the lowest monthly gaming revenue total for Macau so far during the current downturn.
The Bad News Barrage
Macau has seen…
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