The Table Is Rigged Against Macau StocksJacky Wong, The Wall Street Journal · October 18, 2018 at 9:24 pmInvestors have been folding their Macau bets. It is too early to return to the table.Shares of casino operators in the world’s largest gambling market have lost more than one-third of their value, or $52 billion, since May. Their valuations, in terms of enterprise value to expected earnings before interest, taxes, depreciation and amortization, are close to levels last seen during the previous trough, when China’s anticorruption campaign drove high rollers away from the city: Macau’s gambling revenue dropped for 26 consecutive months from 2014 to 2016.Things aren’t quite as bad this time. The city’s gross gambling revenue has grown 16% this year. Still, that growth has been slowing. Revenue grew 2.8% in September—the slowest rate in two years and well below expectations, even after accounting for an unprecedented 33-hour casino closure during a typhoon.