NEW YORK (TheStreet) -- Melco Crown Entertainment (MPEL) shares are down 3.8% to $24.29 on Wednesday, continuing to decline following yesterday's release of another disappointing month of Macau gaming region revenues.
Gaming stocks across the board fell yesterday, following reports from the region that showed a 23% drop in total revenue to $3.51 billion during October, marking the fifth consecutive month of declining revenue in the Chinese gaming region.
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Wynn Resorts (WYNN) and Las Vegas Sands (LVS) are also experiencing declines today, down 3.2% and 1.8%, respectively.
The cause for the declining fortunes in the region has been connected to the Chinese government's crack down on corruption as well as a slowing a Chinese economy.
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 few notable 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, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."