Lazard Sees Better-Than-Expected Macau Sales, Raises Estimates, Targets on Las Vegas Sands, Wynn

In a report published Thursday, Lazard's Jake Fuller raised his price target on Wynn WYNN from $145 to $155 and his target on Las Vegas Sands LVS from $66 to $69. Fuller raised his estimates on both companies, citing Macau sales which appear to be trending stronger than previously expected. Gross gaming revenue in the Macau region is tracking at better than 18 percent for June, according to Fuller. The analyst is modeling for Q2 growth of about 15 percent. Fuller sees Las Vegas Sands' Q2 gross gaming revenue up around 35 percent; the analyst boosted his Q2 EBITDA forecast on Las Vegas Sands from $1.04 billion to $1.08 billion. Wynn's gross gaming revenue expected to be up just 1-6 percent, Fuller said. He sees this subdued level of growth amid the location within the Macau peninsula. Fuller is modeling for Wynn Q2 EBITDA to be around $404 million, up from an estimate of $388 million previously. The Lazard analyst boosted his 2014 gross gaming revenue estimate on Wynn from a decline of 2 percent to a gain of 2 percent. His 2015 estimate for GGR growth was raised from 1 percent to 3 percent. Fuller maintains Buy ratings on both Wynn and Las Vegas Sands.

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