CICC turns cautious on certain Macau casino stocks due to concerns over the impact of the full smoking ban that starts on January 1. VIP rooms in Macau are still smoky as the one-year grace period plays out. The CICC analyst team expects Macau VIP segment revenue to fall 2% Y/Y in 2019. Melco Resorts (NASDAQ:MLCO), Melco International Development (OTC:MDEVF) and Galaxy Entertainment (OTCPK:GXYEF) are all downgraded to Hold from Buy. Sources: Bloomberg, GGR Asia [Read more]