Analysts claim decline lies in Xi Jinping’s anti-corruption campaign
MGM stock falls on Macau gambling revenue decline
(Macau).- Shares of MGM Resorts (MGM) fell 1.8 percent to USD 20.99 Friday following reports that annual gambling revenue in Macau fell last year for the first time since casinos were liberalized in the region in 2001.
2015-01-05
Reading time 24 seg
(Macau).- Shares of MGM Resorts (MGM) fell 1.8 percent to USD 20.99 Friday following reports that annual gambling revenue in Macau fell last year for the first time since casinos were liberalized in the region in 2001.
Annual gambling revenue in Macau fell to USD 44.1 billion in 2014, a 2.6% decrease from 2013, according to official sources. Revenue fell 30.4% in December, marking the seventh consecutive month of a decline in revenue.
Analysts said the decline in revenue is due to an anti-corruption campaign from China's President Xi Jinping. The Chinese president's campaign led to many high-spending VIPs avoiding casinos in Macau, sources said.
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