Macau casino shares fall as Deutsche Bank turns bearish
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Hong Kong
GAMING shares from Sands China to Wynn Macau dropped as Deutsche Bank AG recommended selling all six Macau casino operators, joining a chorus of investment banks that don't see a recovery anytime soon.
The opening of two new gaming venues this year isn't expected to boost demand, and the market is underestimating pressure on casino operators' profit margins, Deutsche analyst Karen Tang wrote in a note dated Tuesday. Gaming revenue will fall 30 per cent this year from 2014 compared with the previous estimate for a 13 per cent decline, and the slide may continue in 2016, Ms Tang wrote.
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