According to data released by the Macao Gaming Inspection and Coordination Bureau, gaming revenue in the month of April came in at 17.3 billion patacas, about 9.5 percent lower than April 2016’s number.

The 9.5 percent decline came up short of analysts’ consensus expectations of a 13.5 percent drop.

Shares of Melco Crown Entertainment Ltd (ADR) (NASDAQ: MPEL), Las Vegas Sands Corp. (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Wynn Resorts, Limited (NASDAQ: WYNN) all opened Monday's session trading up by more than 2.3 percent after lagging the S&P 500 in April.

Related Link: Vegas Strip Revenue Down 3.9% In March

Searching For A Bottom

April marked the 23rd consecutive month of year-over-year (Y/Y) negative gaming revenue growth in Macau. Y/Y comps look to get a bit easier starting in June, and Macau investors are looking to cap the losing streak at around two years within the next couple of months.

February 2015 marked the high point for gaming revenue declines at -48.6 percent. November's GGR of only 16.4 billion patacas represented the lowest monthly gaming revenue total for Macau during the current downturn, but April’s total was the lowest number since.

The Bad News Barrage

Macau has seen a seemingly constant stream of bad news over the past two years. In 2014, the Chinese government announced a crackdown on corruption in Macau.

Increased government scrutiny coupled with a weakening Chinese economy led to a major falloff in VIP gamblers.

In September 2015, headlines of potential junket embezzlement of up to $258 million dollars had investors worried about even more government regulation down the road.

In addition, fears surrounding the impact of a smoking ban in Macau casinos have also weighed on share prices.

Last month, Wynn reported that construction delays could push back the opening date of its Wynn Palace resort from June 25 "into the second half of 2016."

Sluggish Stocks

Shareholders of the four U.S.-listed Macau names are hoping that the downturn is a cyclical one and that the worst of the selloff is now behind them. The stocks of the four Macau names are down between 19 and 60 percent in the past two years.

Disclosure: The author is long Melco Crown Entertainment.

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