Sterne Agee expecting flat gaming revenue in 2014

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Sterne Agee has reduced its forecast of growth in gross gaming revenue in Macau’s casinos this year to zero from 3 percent. The stockbroker has also increased its forecast of the annual contraction in gaming revenue this month to between 15 percent and 19 percent from between 5 percent and 9 percent. It blames the slowing of the revenue flow mainly on the mainland’s campaign against corruption, saying the campaign has curbed gambling in the premium mass market as well as the VIP market.