Casinos Mixed Amid 5.5% Gain in Macao Gaming Revs in August (LVS) (MGM) (MPEL)
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Casino shares are lower on the session following data out earlier from Macao showing an increase in gaming revenue during August, but coming in at the lower-end of expectations.
According to Macao's Gaming Inspection and Coordination Bureau, revenue rose 5.5 percent in August from 24.769 billion patacas to 26.136 billion patacas. The number compares to just a 1.5 percent rise in July and a 57 precent gain in the same period last year.
The number was the highest recorded in 2012, slightly ebbing concerns over a slowdown in China. Analysts were expecting growth of 7 percent to 9 percent.
Of importance, one CIMB Group analyst said VIP revs appear to be stabilizing and sees growth for the rest of the year hanging around the mid-single-digit level.
Nomura Securities also issued coments earlier on the results and its outlook for September. The firm was looking for growth of 7 percent in August.
Of note, Nomura sees Las Vegas Sands (NYSE: LVS) being the biggest beneficiary should it be able to keep mass growth rate in-line or ahead of the market.
Shares of Sands are up 0.2 percent, while Melco Crown (Nasdaq: MPEL) is down 2 percent, Wynn (Nasdaq: WYNN) is off 0.5 percent, and MGM Int'l (NYSE: MGM) is flat.
According to Macao's Gaming Inspection and Coordination Bureau, revenue rose 5.5 percent in August from 24.769 billion patacas to 26.136 billion patacas. The number compares to just a 1.5 percent rise in July and a 57 precent gain in the same period last year.
The number was the highest recorded in 2012, slightly ebbing concerns over a slowdown in China. Analysts were expecting growth of 7 percent to 9 percent.
Of importance, one CIMB Group analyst said VIP revs appear to be stabilizing and sees growth for the rest of the year hanging around the mid-single-digit level.
Nomura Securities also issued coments earlier on the results and its outlook for September. The firm was looking for growth of 7 percent in August.
Of note, Nomura sees Las Vegas Sands (NYSE: LVS) being the biggest beneficiary should it be able to keep mass growth rate in-line or ahead of the market.
Shares of Sands are up 0.2 percent, while Melco Crown (Nasdaq: MPEL) is down 2 percent, Wynn (Nasdaq: WYNN) is off 0.5 percent, and MGM Int'l (NYSE: MGM) is flat.
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