Wells Fargo Reports Macau Gaming Revenue Is Trending Lower
According to Wells Fargo analyst Cameron McKnight, Macau gaming revenue in May is trending lower.
McKnight sees Macau gaming revenue trending between 10 and 14 percent year-over-year, versus the prior estimate of 14 to 16 percent in May growth. The analyst will meet with senior management and industry contacts in Macau and Singapore this week.
Sterne Agee channel checks supports the lower gaming revenue thesis. Sterne's analyst David Bain reported Macau table-only gross gaming revenue (GGR) is MOP 19.2 billion, or $2.4 billion, through May 18. The average daily table GGR of MOP 920 million compares with last week's MOP 1.03 billion. Bain maintains his May year-over-year outlook of between 12 and 17 percent.
Shares of Las Vegas Sands (NYSE: LVS) closed at $73.16 on Friday. The stock was down as much as 2.05 percent in Monday's pre-market trading at $71.69. Shares are currently trading at $73.02.
Shares of MGM Resorts International (NYSE: MGM) were down almost 1.5 percent before recouping losses and gaining traction at $24.09 Monday morning.
Wynn Resorts (NASDAQ: WYNN) opened lower before its gradual climb. The stock is currently trading at $205.00, up more than 1.6 percent.
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