Macau Revenue Misses Expectations, Casino Stocks Mostly Lower

Casino stocks were trading mostly lower on Friday after Bloomberg reported that gaming revenue generated in Macau fell more than expected last month. Bloomberg, citing data from Macau's Gaming Inspection and Coordination Bureau, reported that total gross gaming revenue in the region fell 16.3 percent in March to 18 billion patacas, or $2.3 billion. Analysts surveyed by Bloomberg were anticipating a 15.5 percent drop in revenue. March's revenue totals marks the 22nd consecutive month of declines. Nevertheless, casino stocks have seen some buying momentum over the past few months - a move which some say are not business related. "The recent share rally is based on its low valuation, it isn't driven by business performance," Richard Huang, an analyst at Nomura told Bloomberg. Casino Stocks Mixed On Friday, Up Over Past 3 Months Shares of Las Vegas Sands Corp. LVS were trading lower by nearly 0.50 percent on Friday but are higher by more than 17 percent over the past 3 months. Shares of MGM Resorts International MGM were trading higher by nearly 2 percent on Friday but have lost 4 percent over the past 3 months. However, the stock has gained nearly 10 percent of value over the past 1 month. Shares of Wynn Resorts, Limited WYNN were trading higher by 0.45 percent on Friday and are higher by more than 35 percent over the past 3 months.