On October 2, GALAXY ENT fell 5.19% in regular trading, trading at HK$29.86/share, with turnover of HK$204 million. The stock retreated sharply alongside a broad sector-wide selloff in Macau casino operators.
The decline comes amid growing concerns over soft October Golden Week demand. Morgan Stanley recently reported that hotel surveys for the October Golden Week indicated roughly flat demand year-over-year, with occupancy rates running 6 percentage points below the May Golden Week and 4 percentage points below October last year. The bank expects October gaming revenue to be approximately flat year-over-year. Separately, CLSA cut its Macau gaming revenue forecasts for the next two years by 3% to 4%, citing insufficient supportive macro indicators, and warned that EBITDA margins may come under pressure as operating expenses outpace revenue growth.
Within the Casinos & Gaming sector, all major names declined broadly. SANDS CHINA fell 4.73%, WYNN MACAU fell 5.06%, MGM CHINA fell 3.47%, MELCO INT'L DEV fell 4.43%, and NAGACORP fell 3.30%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)