Nomura Securities on American Gaming & Lodging: Macau in June

June 27, 2012 8:46 AM EDT Send to a Friend
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Nomura Securities on American Gaming & Lodging: Macau in June

Analyst, Harry C. Curtis, said, "Macau June MTD gaming revenues imply ~MOP24bn for the month, which would imply 15% y/y growth. For the week of 6/25, average daily table win declined to ~HKD678m vs. ~HKD750m in the prior two weeks. In the near term: we don’t think there was a great deal of logic behind the stocks’ decline yesterday, which apparently was driven by a Macau Daily news article reporting potential stricter enforcement of visa policies and dated UnionPay limit changes. Longer term: we remain constructive on Las Vegas Sands (NYSE: LVS), MGM (NYSE: MGM) and Wynn (Nasdaq: WYNN) (all Buy-rated) for several reasons: 1) positive supply/demand imbalance; 2) infrastructure improvements to Macau, 3) more optimistic China macro outlook; and 4) valuations that look attractive (9-10% yield) on 2013E free cash flow."


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