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August 20, 2014

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Worst of Macau’s gambling slowdown is seen as over

Image

Kin Cheung / AP

This Feb. 15, 2011, file photo shows a promotional screen with the Chinese characters for MGM displayed at the MGM Grand Macau casino resort, in Macau. MGM Resorts reported quarterly earnings on Tuesday, April 29, 2014.

Revenue for Macau casinos fell in June, confirming what analysts have been forecasting for months, but casino stocks jumped on hopes that the worst of the recent slowdown may be over.

Macau's Gaming Inspection and Coordination Bureau said Tuesday that gross gaming revenue in June was $3.41 billion, down 3.7% from a year ago. That was the first annual decline for a single month in five years, according to gaming news site GGRAsia.

Deutsche Bank analyst Karen Tang said Tuesday that the June revenue drop was in line with expectations as the World Cup drew some tourists away.

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