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: $15.51 +13.88%

Rating Summary:
    8 Buy, 9 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 20 | New: 37
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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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