Bargain Hunting in Macau

Lots of stocks in Hong Kong haven't participated in the Chinese bull market. Some are in multi-month or longer bear markets, such as casino stocks.

Macau's gambling revenue falls to near 5-year low

Gambling revenue in the Chinese territory of Macau fell to a near five-year low in June, extending declines in the country's only legal casino hub to a thirteenth month while the rate of fall showed no signs of abating.

Revenue in the world's biggest gambling centre, which earns over five times more than Las Vegas, has been plummeting since President Xi Jinping initiated a crackdown on corruption targeting the illicit outflow of money from China.

Gambling revenue fell 36.2 percent in June to 17.4 billion patacas ($2.18 billion), the lowest level since November 2010, according to data released by the Macau government on Wednesday. The figure is better than analysts' forecast of a 39-40 percent decline.

How much of this is anti-corruption and how much is a slowing economy? In a China where officials watch what they order for dinner in public, are there still that many who were heading to Macau?