Long-term investors look past fall in Macau casino stocks
Their faith in long-term gambling demand from mainland is unshaken
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MACAU casino stocks have lost as much as half their value over the past year as China's anti-corruption crackdown scares away wealthy VIP punters, but some investors say their faith in long-term gambling demand from the mainland remains unshaken.
Casino revenues for the world's biggest gambling hub fell nearly 40 per cent in April from a year earlier, the 11th straight month of weakness. Industry moguls like Wynn Resorts' Steve Wynn and Las Vegas Sands' Sheldon Adelson have noted the unprecedented nature of the decline and a highly uncertain near-term outlook.
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