Macau Gaming Revenue Tracking Well, Bird Flu Fears Overblown (LVS) (MPEL) (WYNN)

April 9, 2013 9:12 AM EDT
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April gaming revenue in Macau is tracking higher by 9 to 12 percent year-over-year, according to an early read by analyst at Wells Fargo.

"Based on early trends through April 7, we estimate Macau gaming revenue growth for April is trending between 9-12% yr/yr, vs. initial Street expectations of ~10%," said analyst Cameron McKnight. "Month-to-date ADR (including Slots) of 921MM MOP is up 11% yr/yr and up 7% from the prior week."

This morning McKnight increased his Q1 Macau estimates for Las Vegas Sands Corp. (NYSE: LVS), Melco Crown Entertainment Limited (Nasdaq: MPEL), and Wynn Resorts Ltd. (Nasdaq: WYNN).

McKnight also said he believes concerns over avian influenza impacting Macau are overblown given no human-to-human transmission has been recorded. With this in mind, he said he would buy Las Vegas Sands, Melco Crown Entertainment, and Wynn Resorts on weakness.

Wells Fargo has an Outperform rating on all three stocks.

For an analyst ratings summary and ratings history on Las Vegas Sands (NYSE: LVS) click here. For more ratings news on Las Vegas Sands click here.

Shares of Las Vegas Sands closed at $54.59 yesterday.

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