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Fitch Revises Reveneue Forecast For Macau and Major Casinos

As a result of Macau’s gaming revenues being down 36.5% year to date through August, and the corruption crackdown in China, Fitch Ratings is revising its Macau 2015 gaming revenue growth forecast. In part the change reflects the difficult first-half 2014 comparison and the pressures that took a toll on Macau’s revenues in mid-2014.

Ultimately, the ratings firm revised its revenue growth forecast to reflect a 33% to 34% decline, down from the last forecast of a 29% decline. The downward revision takes into account Fitch’s reduced expectations for the new capacity to drive meaningful incremental growth.

The companies that are being affected most by this revision are Las Vegas Sands Corp. (LVS), Wynn Resorts Ltd. (WYNN), and Melco Crown...