It looks like Macau’s rally is running out of steam. While gaming revenues climbed for the sixth straight month in January, the rate of increase was below analyst expectations, indicating the recovery may be petering out.
If it continues on its current trajectory, revenues could turn negative again, perhaps next month, and it may be difficult to determine whether Las Vegas Sands (NYSE: LVS), MGM Resorts (NYSE: MGM), or Wynn Resorts (NASDAQ: WYNN) will be worse as a result.