NEW YORK (TheStreet) -- Shares of Melco Crown Entertainment (MPEL) fell 1.87% to $26.81 in after-hours trading on Tuesday after Macau gaming revenue fell in August, the third straight month of decline.
Macau gaming revenue dropped 6.1% year-over-year as China cracks down on corruption and declining Chinese housing prices reduced demand from rich VIP customers, according to Reuters.
Gambling revenue from Macau's 35 casinos fell last month to 28.9 billion patacas, or $3.6 billion, compared to 30.7 billion patacas in the same period one year earlier. Analysts expected a 2% to 6% decline.
The stock hit a 52-week low of $26.28 on Tuesday. It closed down 3.67% to $27.32. More than 9.8 million shares had changed hands, compared to the average volume of 3,853,860.
Separately, TheStreet Ratings team rates MELCO CROWN ENTMT LTD as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MELCO CROWN ENTMT LTD (MPEL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."