Macau Gaming Sales Hit Record in October
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Casino stocks are looking weaker in early trade Tuesday despite reports Macau has broken new gaming revenue records in October.
According to data from the Macau Gaming Board, year-over-year revenue in October moved 42 percent higher to 26.9 billion pactas (about $3.36 billion). The number was up 8.5 percent from 24.8 billion pactas reported in August.
October benefited from the Golden Week holiday at the start of the month.
Looking forward, casino executives have said they don't expect the number to continue growing 40 to 50 percent indefinitely, but Macau still carries strong fundamentals and a largely untapped Chinese market.
Just following the opening bell, most gaming stocks are trading sharply lower with the broader market:
According to data from the Macau Gaming Board, year-over-year revenue in October moved 42 percent higher to 26.9 billion pactas (about $3.36 billion). The number was up 8.5 percent from 24.8 billion pactas reported in August.
October benefited from the Golden Week holiday at the start of the month.
Looking forward, casino executives have said they don't expect the number to continue growing 40 to 50 percent indefinitely, but Macau still carries strong fundamentals and a largely untapped Chinese market.
Just following the opening bell, most gaming stocks are trading sharply lower with the broader market:
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