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Macau Continues to Roll - Sterne Agee (MPEL) (LVS) (WYNN) (MGM)

March 18, 2013 10:12 AM EDT Send to a Friend
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Price: $29.33 -0.2%

Rating Summary:
    14 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 9 | New: 0
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Macau continues to outperform, according to Sterne Agee analyst David Bain, which is positive for gaming companies that operate there including: Melco Crown Entertainment Limited (NASDAQ: MPEL), Las Vegas Sands (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Wynn Resorts Ltd. (NASDAQ: WYNN).

"According to our checks, Macau table-only gross gaming revenue (“GGR”) is MOP17.6b through March 17," Bain said. "Including slots, the GGR run-rate for March is MOP33.3b or +~32% YoY. We are raising our March YoY estimate to +20% YoY (MOP30.0b) from +14%, and note our March estimate is ~6% higher than Macau’s all-time monthly record set in December of last year."

MPEL remains our top idea. Applying a peer multiple to the stock would suggest price over ~$28 per share.




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