NEW YORK (TheStreet) -- Shares of MGM Resorts International (MGM) are lower by 2.78% to $22.38 in late afternoon trading on Tuesday, as casino operator stocks fall following a year-over-year decline in gambling revenue in China's Macau district for October.
Macau revenue dropped by 23% to $3.5 billion, over the same period last year. This was the worst monthly decline the gambling territory has seen since January 2009, when Macau revenue fell 17% year-over-year, the Wall Street Journal reports.
This October was the fifth month in a row revenue in Macau has slumped. Previously, Macau saw five years of uninterrupted growth, the Journal added.
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Analysts were expecting a 20% decline in revenue for October, and believe revenue will continue to fall. Analysts attribute a number of factors to Macau's decreasing revenue, but the largest is a recent battle on corruption coming out of Beijing, which has kept a majority of high stakes players away from the tables, the Journal noted.
Other casino operator stocks that are down today include Melco Crown Entertainment (MPEL) lower by 4.06% to $25.49, and Las Vegas Sands Corp. (LVS) down by 4.36% to $59.65 this afternoon.