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Nomura Securities on Macau April Gaming Revenues - Appears April Impacted By Low Hold

April 24, 2012 3:25 PM EDT Send to a Friend
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Nomura Securities on Macau April Gaming Revenues - Appears April Impacted By Low Hold

Analyst, Harry C. Curtis, said, "The first 22 days of April gaming revenues imply ~MOP25bn for the month (up 22% YOY). For the week ended 4/22, average daily table win declined modestly from the prior week. It appears the sequential drop may be partially due to low hold at some properties, which may mean the market experienced a second week of low hold...Golden Week (i.e., May) should post strong results. However, as we get into the summer months, Galaxy Macau, which opened on May 15, 2011, will likely make comps tougher."

"On the surface, these numbers would/should be a near-term concern for the stocks; however, 1) low hold may explain the bulk of April’s shortfall; 2) strong results during Golden Week should be a catalyst; and 3) the long-term positive imbalance between demand and supply growth remains wide. So periods of weakness make Buy-rated Las Vegas Sands (NYSE: LVS), Wynn (Nasdaq: WYNN) and MGM (NYSE: MGM) all the more attractive, in our view."




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