Macau Casino Stocks Set for Fifth Weekly Drop as Revenue Slows
(Bloomberg) -- Macau casino operators’ shares are poised for their fifth weekly drop, the longest such streak in over a year, as a decline in Chinese tourists dent gaming income.
Most Read from Bloomberg
Biden Vows to Stay in 2024 Race Even as NATO Gaffes Risk His Campaign
Tesla Delays Robotaxi Event in Blow to Musk’s Autonomy Drive
US and Germany Foiled Russian Plot to Kill CEO of Arms Manufacturer Rheinmetall
JPMorgan Notches Record Profit on Visa Gain, Dealmaking Jump
A Bloomberg Intelligence gauge of Macau casino stocks has fallen 0.4% this week, bringing its losses from June 7 to 11%. In comparison, the benchmark Hang Seng Index retreated 1.1% during the period.
Gross gaming revenue for the world’s biggest gambling hub rose less than expected in June from a year earlier amid a decline in spending by Chinese visitors — Macau’s biggest visitor group. The hub also faces regulatory risks as China vowed to crack down on illegal money exchanges and loan sharks in Macau to stem capital flight.
“Weaker than expected June number could have been a trigger while some concerns are arising about Beijing’s crackdown on money flow,” according to Angela HanLee, a Bloomberg Intelligence analyst.
Most Read from Bloomberg Businessweek
Ukraine Is Fighting Russia With Toy Drones and Duct-Taped Bombs
At SpaceX, Elon Musk’s Own Brand of Cancel Culture Is Thriving
©2024 Bloomberg L.P.