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Relatively strong revenue growth in Las Vegas might help casino stocks with big stakes there fend off weak performance in the far larger Macau market, an analyst said Monday.
Morgan Stanley's Thomas Allen, who maintains an "attractive" rating on the industry, said January's 10 percent growth in gambling revenue constituted Las Vegas' best month since 2007.
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But that contrasted with a 56 percent decline in Macau revenue during the recent Chinese New Year holiday.
MGM Resorts International (NYSE: MGM), with a big foot in both markets, may see its Las Vegas performance help offset obvious risk in Macau, Allen said.
Wynn Resorts, Limited (NASDAQ: WYNN), which also operates in both markets, "could get pressured" by Macau market trends, according to Allen, who maintained an Overweight rating.
Boyd Gaming Corporation (NYSE: BYD) and Penn National Gaming, Inc. (NASDAQ: PENN) are likely to benefit from a regional U.S. recovery in gaming, as well as benign Las Vegas weather, said Allen, who maintained an Underweight rating on Penn National.
"Large cap operators appear more enthusiastic taking about their U.S. development pipeline than about Macau," Allen said.
Wynn expects to start construction of a Boston casino later this year and MGM's drawing board features a project in Washington, D.C.
"If only Massachusetts and Washington could be as big as Macau," Allen said.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.