Barclays on Gaming Stocks: Highlights From Trip to Las Vegas - Trends Are...

Barclays on Gaming Stocks: Highlights From Trip to Las Vegas

Analyst, Felicia R. Hendrix, said, "Following our recent Las Vegas field trip, we come away with the following view: Las Vegas growth remains stable, regional gaming could see a sequential decline in 2Q, and Macau revenue growth is being affected by macro concerns (especially on the VIP side). Interestingly, both Int'l Gaming Tech (NYSE: IGT) and Boyd Gaming (NYSE: BYI) indicated that replacement sales were improving on the margin. Though gaming stocks will likely remain challenged in the current trading environment, we continue to fundamentally favor MGM over the next few months given its exposure to Las Vegas."

On Individual Companies:

MGM (NYSE: MGM): Convention bookings are strong thru 2014.

Wynn (Nasdaq: WYNN): LV trends good, but company received financing to fund Cotai project

Las Vegas Sands (NYSE: LVS): Company doesn't see ramp up until Sands Cotai is completed mid-2013

Caesars (NYSE: CZR): Seeing a slight slowdown in Q2 regional gaming vs. Q1.

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