U.S. regional casinos, which focus on stable slot play, have been more insulated from economic pressures than their Macau rivals, according to Bloomberg Intelligence.
The revenue stability explains why U.S.-focused casino stocks outperformed their Macau-focused peers, a result of the adverse effect of weak Asia-sourced table-game revenue. U.S.-focused casinos, including Boyd Gaming, Penn National and Pinnacle Entertainment, have seen a rise in stock performance of 21-44 percent, whilst U.S. companies with Macau subsidiaries have seen share-price declines from 31-71 percent.
Whilst Macau operators have shifted their focus to the mass market in Asia, Bloomberg says risks are high as the gaming hub still relies heavily on tourists from mainland China, which recently accounted for two-thirds of total Macau visitors.
On the other hand, regional U.S. operators which have relied on the domestic market, have been insulated from the table-game turmoil seen in China, though as a global gaming destination, Las Vegas has also seen the effects of its exposure to Asia-sourced table play with baccarat wagers declining 14.5 percent and table table win down 4 percent in 2015.