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Casino stocks with exposure to the Macau region were trading mostly lower Friday morning as gambling revenue in the region rose 12.1 percent in May, but fell short of expectations.
What Happened
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Throughout the month of May, total gambling revenue rose 12.1 percent from a year ago to 25.5 billion patacas ($3.16 billion), which not only fell short of the 16 to 20 percent growth expected but marks a decline from April's revenue of 25.7 billion patacas, Reuters reported.
Revenue rose on a year-over-year basis for the 22nd consecutive month after bottoming in 2014 amid a crackdown of corruption, Reuters said. Monthly revenue metrics are still lower than peak levels seen around 2012.
Why It's Important
Casino stocks were mostly lower Friday in reaction to the revenue growth shortfall:
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- Melco Resorts & Entertainment Ltd(ADR) (NASDAQ:MLCO) down 1.7 percent;
- Wynn Resorts, Limited (NASDAQ:WYNN) down 1.5 percent;
- Hong-Kong listed SJM Holdings Limited down 1.2 percent; and
- Las Vegas Sands Corp. (NYSE:LVS) down 0.5 percent.
On the other hand, MGM Resorts International (NYSE:MGM), a casino operator with one of the lowest levels of exposure to Macau and one of the highest exposures to the Las Vegas region, was trading higher by more than 1.6 percent.
What's Next
Government authorities are also pushing the major casino operators in Macau to offer their guests and clients more non-gaming amenities and diversify away from gambling, Reuters said.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.