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Macau casino stocks plunge 55 percent from 2014 peak

Macau casino shares are down 55 percent from their January 2014 peak,  despite rallying 21 percent in July, according to Bloomberg Intelligence analysts.

“The reasons for the collapse include a slump in gambling revenue caused by a hiatus in resort openings, an anti-extravagance mindset among wealthy Chinese, a casino-floor smoking ban and challenging comparisons,” Tim Craighead and Margaret Huang said in a note.

The stocks doubled in 2013, spurred by the Cotai Central resort and accelerating earnings estimates.

“A wave of new resorts and stabilizing Chinese economic growth could help revive revenue.”

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