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Casino stocks sink after Citigroup slashes Macau gaming revenue forecast

Yahoo Finance Video

Yahoo Finance Live anchors break down how casino stocks are trading on Monday morning.

Video transcript

BRAD SMITH: Taking a look at some of the casino stocks after Citigroup slashed its estimate on Macau's gross gaming revenue in October, citing disappointing revenue during the first nine days of this month. There, you're taking a look at some of those casino stocks. Whether it's Sands or Wynn Resorts, all of them are down this morning, early in trade.

Melco Resorts, MGM Resorts also lower here, as we're seeing some mixed major averages here. But what was also pointed out within this for Citigroup, they cut their estimate for the gaming revenue in October to 5.5 billion [INAUDIBLE]-- I believe I pronounced that correctly-- from 7 billion, citing some of the disappointing revenue that I mentioned during the first nine days of this month.

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JULIE HYMAN: Yeah, there's a lot of hope that you've got reopening happening in China slowly, but surely, and some of the restrictions on Macau have been removed. So then it's a disappointment here that there would be this kind of a cut to the forecast here. And that's what the folks over at Citigroup are saying. They say despite the solid National Day Golden Week visitation, recovery was probably impacted by the recent COVID-19 outbreak in China. So it just continues to be a problem for hospitality, and in particular, for gaming in Macau.

BRIAN SOZZI: Yeah, I'll just quickly mention in this sphere, too, of gaming, I'm watching sports, the sports betting space this week. There's a key conference later in the week. DraftKings CEO Jason Robins will be speaking at this conference. To my knowledge, this would be his first public comments perhaps on anything related to Disney and ESPN. That popped the stock last week. I'd put that on the watch list.

JULIE HYMAN: And you also have to wonder, many of those other companies that we just mentioned also have sports betting, digital betting. So we'll see if this, then, helps them recover a little bit from some of the declines today.