
Casino revenue growth peaked in February, when revenues were 40% higher than they were 12 months earlier. Growth slowed each month before turning into a loss of 3.7% in June. Revenues have not posted an annual gain since.
A government crackdown on extravagant spending and corruption is being blamed for the decline in VIP visits to Macau casinos. The Chinese government cut the number of times a Chinese citizen may visit Macau and has trimmed the number of days a citizen may spend in Macau on a transit visa from seven days to five. The transit visa requirement generated a market for false documents that continue to operate despite the purported crackdown, according to a report at Forbes.
The casino stock hit the worst Friday morning was Melco Crown Entertainment Ltd. (NASDAQ: MPEL), which traded down nearly 7% to $23.73, in a 52-week range of $21.04 to $45.70. In 2014, Melco Crown’s American depositary shares (ADSs) lost nearly 37% of their value.
Las Vegas Sands Corp. (NYSE: LVS) traded down as much as 4.7%, at $55.40 in a 52-week range of $ 49.82 to $88.28. For the 2014 calendar year, Las Vegas Sands stock retreated nearly 27%.
MGM Resorts International (NYSE: MGM) traded at $20.41, down 4.5% compared with Wednesday’s closing price of $21.38. The stock’s 52-week range is $17.25 to $28.75. MGM’s stock lost nearly 10% of its value in 2014.
Wynn Resorts Ltd. (NASDAQ: WYNN) traded down 4.4%, at $142.15 in a 52-week range of $133.58 to $249.31. Wynn’s shares dropped nearly 25% in 2014.
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