World Cup hits Macau casino revenue in June
According to statistics released by Macau's Gaming Inspection and Coordination Bureau, revenue in June, as the tournament got underway, came it at us$ 1.7 billion. Though this represented 65% growth from a year ago, it was a 20% drop from the numbers reported in May. Analysts from Duetsche Bank pinned the softness on the distraction of the World Cup and suggested that it would likely extend into July as the tournament draws to a close.
The Casino Stocks Index has slid by 10% over the last month, trailing the S&P 500 fractionally during that period. A pair of Macau players Melco Crown Entertainment and MGM Mirage have pulled back more sharply than the Casino Index as a whole during this period, while rivals Wynn Resorts and Las Vegas Sands have fared somewhat better.
Elsewhere in the sector, Boyd Gaming is down by over 30% over the last month, while Isle of Capri Casinos and Penn National Gaming have fared better, moving lower by 8% and 11%, respectively.
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