Macau Gaming Revenue Tracking Down 24-28% in Oct. Versus Prior View of Down 30-24% - Wells Fargo (LVS) (WYNN) (MGM) (MPEL)

Wells Fargo analyst Cameron McKnight said based on their checks through October 11, they estimate October Macau gaming revenues to decline -24% to -28% year-over-year versus thier prior estimate of -30% to -34%.

While a positive sign, the firm remains on the sidelines on the Macau gaming names as estimates and valuations adjust to a ''new normal'' of: (1) tighter government oversight, (2) a recovery that is likely to be flatter than prior rebounds, and (3) a weak Chinese economy, all of which are contributing to more muted revenue growth in Maca

The analyst notes early October revenues benefited from China's Golden Week holiday

Related stocks:

Las Vegas Sands (NYSE: LVS)
MGM Resorts (NYSE: MGM)
Melco Crown (NASDAQ: MPEL)
Wynn Resorts Ltd (NASDAQ: WYNN)

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