JP Morgan keeps Macau gaming stocks unattractive after 25% sell-off
JP Morgan said on 14 July that Macau gaming stocks remained unattractive after a 25% year-to-date decline. It expects second-quarter results to prompt further forecast cuts, while Macau gross gaming revenue reached an estimated MOP7.3 billion in the first 12 days of July. UBS also forecast continued negative sentiment and named Melco Resorts & Entertainment its preferred stock.
Operators and investors face analyst warnings of weaker Macau revenue and further earnings downgrades.