Canaccord Genuity Morning Coffee on Casino Stocks LVS, MGM, WYNN: No Seats Left at the $5 Blackjack Table
Tweet
Share
E-mailGet Alerts LVS Hot Sheet
Price: $45.97 --0%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 12
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 12
Join SI Premium – FREE
Canaccord Genuity Morning Coffee on Las Vegas Sands (NYSE: LVS); MGM Resorts (NYSE: MGM) and Wynn Resorts (Nasdaq: WYNN): No seats left at the $5 blackjack table.
Shares of casino companies Las Vegas Sands, Wynn and MGM International were in the green on Monday (and this morning) after a Wall Street brokerage issued a bullish report on Macau August gambling revenue. The report said, “Although August started slow, we have noted potential acceleration attributable to typical summer holiday travel, pickup and potentially some postponed trips due to Typhoon Vincente last week.” Additionally, data from the Airport Authority Hong Kong released over the weekend showed that traffic was up in July to new monthly records. Over 5 million passengers made their way through the airport with 29,880 flights departing or arriving. This news could be a positive indicator for the gambling enclave of Macau, which is just across the bay from Hong Kong. Gambling revenue in Macau, the world’s largest gambling market, posted its slowest growth since 2009 in July as Typhoon Vincente reduced visitor numbers, compounding subdued demand from Chinese gamblers. The weak July revenue numbers weighed on shares of casino operators who have been shifting their business to Asia. In 2011, Macau posting gaming revenue of $33.5 billion, more than five times that of Las Vegas. Macau is currently the only place in China where casino gambling is legal.
Shares of casino companies Las Vegas Sands, Wynn and MGM International were in the green on Monday (and this morning) after a Wall Street brokerage issued a bullish report on Macau August gambling revenue. The report said, “Although August started slow, we have noted potential acceleration attributable to typical summer holiday travel, pickup and potentially some postponed trips due to Typhoon Vincente last week.” Additionally, data from the Airport Authority Hong Kong released over the weekend showed that traffic was up in July to new monthly records. Over 5 million passengers made their way through the airport with 29,880 flights departing or arriving. This news could be a positive indicator for the gambling enclave of Macau, which is just across the bay from Hong Kong. Gambling revenue in Macau, the world’s largest gambling market, posted its slowest growth since 2009 in July as Typhoon Vincente reduced visitor numbers, compounding subdued demand from Chinese gamblers. The weak July revenue numbers weighed on shares of casino operators who have been shifting their business to Asia. In 2011, Macau posting gaming revenue of $33.5 billion, more than five times that of Las Vegas. Macau is currently the only place in China where casino gambling is legal.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan Downgrades Limbach Holdings (LMB) to Underweight
- Emkay Global Starts Pearl Global Industries (PGIL:IN) at Buy (1)
- HSBC Downgrades Ternium S.A. (TX) to Hold
Create E-mail Alert Related Categories
Analyst Comments, Retail SalesRelated Entities
Canaccord GenuitySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
