Macau stocks fall on June GGR results

Macau’s casino operators saw their stocks tumble on Monday after weaker-than-expected Macau gaming revenue reported for the month of June.

June GGR came in 12.5 percent year-on-year growth, down from the 18-20 percent expected by analysts.

Shares of Melco Resorts was one of the hardest hit, falling 9.6 percent to their lowest level in 2018.

Wynn Resorts stocks also tumbled, plunging as much as 9.3 percent. The operator derives a substantial portion of its revenue from its Macau operations and has been under pressure with its property in Boston.

Las Vegas Sands fell 8.2 percent, while MGM fell 3.6 percent.

GGR growth is expected to continue to slow as we move closer to the end of the year.

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