NEW YORK (TheStreet) -- Shares of Melco Crown Entertainment (MPEL), a casino operator in Asia, closed higher by 0.17% to $20.79 on Monday. This afternoon the Macau gaming hub in China released its April 2015 revenue results, and posted a 38.8% year-over-year decline, the eleventh consecutive month of falling revenue, Reuters reports.
High stakes and VIP players have been avoiding the Macau gambling sector ever since China leader Xi Jinping began cracking down on corruption in Macau.
The cleanup in Macau is focusing on illicit outflow of money from China, Reuters said, adding that since the anti-corruption practices began revenue in the gaming region has slumped.
Macau revenue in April 2015 slipped to 19.167 billion patacas ($2.40 billion) from 31.318 billion patacas when compared to the prior year.
Analysts were expecting a decline between 38% and 40% in April, Reuters said.
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 multiple 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 and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."