Casinos Lower as Macau Shows Larger Slowdown in November (LVS) (WYNN) (MGM)
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 4.8%
Revenue Growth %: +19.6%
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Casino stocks are trading lower with the broader market Thursday amid a new revenue report from Macau for the month of November.
Revenue for games of fortune in the Chinese special administrative region rose 32.9 percent year-over-year to 23.058 billion patacas, or about $2.9 billion. The number was a 14.1 percent decline from 26.851 billion pactas in October.
November revs typically fall from October, with a week-long Chinese New Year holiday early in the month allowing more people to visit the location. Macau is the only place mainland China residents can legally gamble.
But overall economic difficulties have hampered the region as well. Last year, November revenue only dropped 8 percent from October.
Seeing some action today are Las Vegas Sands (NYSE: LVS), which holds Sands China Ltd , Wynn Resorts (Nasdaq: WYNN), with its Wynn Macau Ltd. venture, and MGM International (NYSE: MGM) who has MGM China Holdings Ltd. in the region.
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Revenue for games of fortune in the Chinese special administrative region rose 32.9 percent year-over-year to 23.058 billion patacas, or about $2.9 billion. The number was a 14.1 percent decline from 26.851 billion pactas in October.
November revs typically fall from October, with a week-long Chinese New Year holiday early in the month allowing more people to visit the location. Macau is the only place mainland China residents can legally gamble.
But overall economic difficulties have hampered the region as well. Last year, November revenue only dropped 8 percent from October.
Seeing some action today are Las Vegas Sands (NYSE: LVS), which holds Sands China Ltd , Wynn Resorts (Nasdaq: WYNN), with its Wynn Macau Ltd. venture, and MGM International (NYSE: MGM) who has MGM China Holdings Ltd. in the region.
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