Momentum in Macau Gaming Slows, GDP Data Still Bullish (LVS) (MPEL)
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Price: $14.89 -0.27%
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
14 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Despite early bullishness, momentum in January Macau games revenue appears to have slowed, according to a report today by Sterne Agee.
"According to checks, Macau table-only gross gaming revenue (“GGR”) is MOP17.6b through January 20. The slot inclusive GGR run rate puts January MOP at ~28.3b, or ~+13% YoY versus our +15% YoY estimate. The current run rate still positions January Macau GGR toward record territory from December's MOP28.2b result, though deceleration in last week's GGR makes a new monthly record less certain," said analyst David Bain.
Despite slowing momentum, Bain said positive China GDP gives him confidence in his above-consensus VIP projection.
Sterne Agee has Buy ratings on Las Vegas Sands Corp. (NYSE: LVS) and Melco Crown Entertainment Limited (Nasdaq: MPEL). MGM Resorts International (NYSE: MGM) and Wynn Resorts Ltd. (Nasdaq: WYNN) are Neutral-rated.
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"According to checks, Macau table-only gross gaming revenue (“GGR”) is MOP17.6b through January 20. The slot inclusive GGR run rate puts January MOP at ~28.3b, or ~+13% YoY versus our +15% YoY estimate. The current run rate still positions January Macau GGR toward record territory from December's MOP28.2b result, though deceleration in last week's GGR makes a new monthly record less certain," said analyst David Bain.
Despite slowing momentum, Bain said positive China GDP gives him confidence in his above-consensus VIP projection.
Sterne Agee has Buy ratings on Las Vegas Sands Corp. (NYSE: LVS) and Melco Crown Entertainment Limited (Nasdaq: MPEL). MGM Resorts International (NYSE: MGM) and Wynn Resorts Ltd. (Nasdaq: WYNN) are Neutral-rated.
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