Macao Casinos May Soon Put Their Woes Behind Them
China's Golden Week national holiday last month helped move monthly gambling revenue in the right direction for Macao casinos. Instead of the 90% or worse decline witnessed in each of the prior six months, revenue was down only 72% in October. Not the big lift that was hoped for, but a base upon which to build.
And now casino operators that rely upon Macao for the bulk of their revenue and profits, like Las Vegas Sands (NYSE: LVS), Melco Resorts & Entertainment (NASDAQ: MLCO), and Wynn Resorts (NASDAQ: WYNN), may soon have more tailwinds to help them.
China is cracking down on casino junkets once again, but because the new rules apply to junkets serving markets outside of Macao, it should help casinos in the city.
Source Fool.com
