HONG KONG, Sept 2 (Reuters) - Shares of Macau casino companies dropped early on Monday after gambling revenue slid more than expected in August due to slowing economic growth, China’s trade war with the United States and protests in neighbouring Hong Kong.
Revenue for August was 24.3 billion patacas ($3 billion), down 8.6% on-year and below analysts’ expectations of a drop of 2% to 6%.
Shares in Hong Kong-listed companies Sands China, Wynn Macau, SJM Holdings and MGM China fell between 1.5% and 2.7%, underperforming the benchmark Hang Seng Index which was down 0.4%.
Gambling revenue for August was slightly lower than July’s 24.4 billion patacas.
Political unrest in Hong Kong has disrupted transport and deterred travel to the Asian financial hub and nearby Macau, reducing gaming revenue. A typhoon that hit China’s coastal cities also had a negative effect, analysts said.
“There is plenty to blame for the miss, such as social unrest in Hong Kong ... tough year-on-year comparison, negative headlines around junkets, and macro headwinds,” said DS Kim, an analyst at JP Morgan in Hong Kong.
Reporting by Farah Master; Editing by Stephen Coates