China's Corruption Crack Down caused - 39% drop in Macau revenues

Macau revenue -39% in April • 1:47 PM

Clark Schultz, SA News Editor

• A fresh report from the Macao Gaming Inspection and Coordination Bureau indicates gaming revenue fell off 39% in April to 19.17B patacas ($2.41B).
• The drop was within the range forecast by analysts of a -38% to -40% decline.
• Shares of Macau stocks are higher today after the worst-case scenario for April was avoided and following steep losses last week after Wynn Resorts slashed its dividend.
• Gainers: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY) +3.4%, Wynn Resorts (NASDAQ:WYNN) +3.8%, Galaxy Entertainment (OTCPK:GXYEF) +2.9%, Melco Crown (NASDAQ:MPEL) +0.7%, Las Vegas Sands (NYSE:LVS) +1.6%, Sands China (OTCPK:SCHYY, OTCPK:SCHYF) +5.5%, SJM Holdings (OTCPK:SJMHF) +6.4%.

Read comments

Focus Articles on WYNN

• After Getting Slammed, Wynn Resorts And Its Peers Could See More Downside by Daniel Jones
• Wynn Resorts - Caution As Macau Weakness Might Spark Leverage Concerns by The Value Investor
• The Trouble May Just Be Starting For Wynn Resorts by Daniel Jones

 

 

 

MGM Resorts lower after Macau tail-off dominates quarter • 8:36 AM

Clark Schultz, SA News Editor

• MGM Resorts (NYSE:MGM) reports adjusted EBITDA slipped 3% Y/Y at U.S. resorts to $390M and 33% at MGM China to $148M in Q1.
• A significant tail-off in the VIP business in Macau was a dominant theme of the quarter.
• Revenue per available room in Las Vegas improved 1% to $136.
• The contribution to income from both CityCenter and Borgata was higher this year than last year.
• MGM -2.76% premarket to $20.81.

Read comments

MGM price at time of publication: $21.40. Check MGM price now »

Focus Articles on MGM

• MGM: Activist Case Heading Up, Looking Tougher by Marshall Hargrave
• MGM Resorts Will Post Lower Earnings Amid A Slowdown In Macau by Trefis
• Our Revised Price Estimate Of $27 For MGM Resorts by Trefis