What happened 

Shares of Macau-based gaming company Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) dropped 10.6% in trading Monday after the Macau government released June's gaming numbers, which weren't to investors' liking.

So what

Macau's gaming revenue rose 12.5% in June versus a year ago to $2.78 billion, bringing the first half of the year to $18.7 billion in gaming revenue, up 18.9% versus a year ago. While the growth looks strong on the surface, June's growth didn't meet the 18% growth analysts were looking for and that's ultimately what set shares lower today. 

Macau's skyline from the water.

Image source: Getty Images.

Taking a step back, this was the worst month for gaming revenue since September 2017, so there was a significant slowdown versus early in the year. That's something that can send Wall Street into a frenzy because investors don't know when gaming revenue will hit a peak and start a more troubling decline. 

Now what

It's worth noting the long-term trends of gaming revenue in Macau, but I wouldn't lose too much sleep over a single month. The region has seen gaming revenue grow all year and this is the first month there's been anything amounting to a dip in revenue. We could easily see July return to greater than expected growth and end up with an outstanding year. As a result of today's move, Melco Resorts' stock is at a great discount for investors looking for a nearly pure play on the biggest gaming market in the world, Macau.