According to data released by the Macao Gaming Inspection and Coordination Bureau, gaming revenue in the month of December came in at 18.3 billion patacas, about 21 percent lower than December 2014’s number.
Shares of Melco Crown Entertainment Ltd (ADR) MPEL 9.96%, Las Vegas Sands Corp. LVS 9.16%, MGM Resorts International MGM 7.91% and Wynn Resorts, Limited WYNN 9.41% were all trading lower in early trading on Monday by more than 2.3 percent after booking gains during the month of December.
Still Searching For A Bottom
December marked the 19th consecutive month of year-over-year (Y/Y) negative gaming revenue growth in Macau, and shareholders of Macau names are still searching for signs that the market has stabilized.
February 2015 marked the high point for gaming revenue declines so far in 2015 at -48.6 percent. November’s GGR of only 16.4 billion patacas represented the lowest monthly gaming revenue total for Macau during the current downturn. December’s total marked both a slight bounceback from November’s lows and the lowest Y/Y monthly decline since January of 2014.
The Bad News Barrage
Macau has seen…
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