aming revenue declined by 9.5% to 17.3 billion patacas ($2.2 billion) last month, marking a 23rd straight month of declines. This is nonetheless a smaller drop than the 13.5% decrease forecast by analysts and the 16.3% decline in March, according to Bloomberg.
Macau casinos have been pressured for years as China's crackdown on corruption and the country's slowing economy have kept VIPs away from the gambling hub.
But narrowing revenue declines indicate that the industry's mass market revenue might be bottoming, according to Bloomberg.
"The casinos produced another reasonable monthly revenue performance in what is a seasonally slower shoulder month," Tim Craighead, a Bloomberg Intelligence analyst, told Bloomberg. "It still looks to us that the business is stabilizing and the next big catalysts to watch for are the summer travel season and the new resorts from Wynn Macau and Sands China."
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.
Wynn Resorts' strengths such as its good cash flow from operations and expanding profit margins are countered by weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and feeble growth in the company's earnings per share.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
For more information, check the full analysis from the report.