Monthly casino revenue in Macau fell for the first time in more than two years as China’s economic slowdown deterred high rollers -- but the drop was less steep than expected, fueling a relief rally in gaming shares.
Gross gaming revenue in Macau fell 5 percent in January to 24.9 billion patacas ($3.1 billion) from a year earlier, according to data from the Gaming Inspection & Coordination Bureau. With the median analyst estimate calling for a 9 percent drop, the Bloomberg Intelligence index of Macau gaming stocks climbed after the news, with shares of Wynn Macau Ltd. and Galaxy Entertainment Group Ltd. rising 2 percent at the close in Hong Kong.
