Macau gaming stocks are lower after the Macau Gaming Inspection and Coordination Bureau reported December gross gaming revenue (GGR) up 14.6% year-over-year to 22.7 bln patacas, or $2.82 billion. This number was below some estimates.
- MLCO -2.6% WYNN -2.1% MGM -0.5% LVS +0.0%
Some profit-taking should not come as a surprise. As we mentioned last week, casino stocks had a very strong 2017 while the Macau gaming market firmed substantially.
For the year, Macau GGR rose 19.1% to $33 billion. That represents the highest level since 2014 but is still ~25% below the 2013 peak, before Chinese authorities cracked down on money laundering in the regional which stifled the VIP gaming segment.