Macau Gaming Revenue Falls 23% In October, Fifth Consecutive Decline

Gaming revenue in Macau fell more than 23 percent in October, marking the fifth consecutive month of declines for the Chinese gambling mecca.

Casino stocks were generally lower Tuesday, lead by Melco Crown Entertainment Ltd's MPEL loss of 6 percent and MGM Resorts International MGM decline of more than 4 percent.

Casino operators in the former Portuguese colony near Hong Kong have been beset by a slowing Chinese economy, as well as a corruption crackdown that has put a damper on so-called high-rollers and junket operators.

Deutsche Bank's Carlo Santarelli said the $3.51 billion in total revenue for the month was lighter than he expected.

Hong Kong-traded SJM Holdings Limited and Melco Crown each gained slight market share for table games in October, Santarelli said.

Las Vegas Sands Corp. LVS Wynn Resorts, Limited WYNN and MGM Resorts all gave up a small amount of market share for table games during the month, according to Santarelli.

November has seen an average sequential decline of 19 percent from October over the past four years, Santarelli noted. Over the past five months, however, monthly revenue has been 560 basis points lower than "sequential implications," the analyst said.