12/24/2023 0 Comments Rivers casino chinese concert“Investors may also be concerned of a clampdown on illegal cash exchange activities with the weakness in the yuan,” he said.Ĭhina’s crackdown on high-rollers has diminished the VIP sector that contributed half of Macau’s gaming revenue before Covid. Recent stock volatility may be due to concerns that the rate of recovery may decelerate and over the sustainability of non-gaming revenue as well as macro weakness, according to Alvin Ngan analyst at Zhongtai Financial International. Still that has not been enough to reassure investors, who remain concerned over crackdowns and weak consumption from China. Macau’s casinos have largely stayed on a recovery path this year, with the city’s gaming revenue returning to 74% of pre-pandemic levels last month as tourists flocked to the hub during China’s Golden Week holiday. “The stock is now in a ‘show-me’ bucket for many, making it volatile near-term until it can prove itself again, such as through its fourth quarter print,” wrote JPMorgan Chase & Co analyst DS Kim in a note. The drop weighed on a Bloomberg gauge of gaming operators in the city, which plunged as much as 7.4%. Wynn Macau tumbled 14% on Friday, after third quarter earnings missed estimates, dragged by higher-than-expected operating expenses. (Bloomberg) - Macau casino stocks sank the most since March 2022, led by slump in Wynn Macau Ltd., as disappointing earnings cast doubts over the pace of recovery in the world’s largest gambling hub.
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