Macau Gaming Revs on Pace for 6% - 8% Gain in November (LVS) (MGM) (WYNN)
Tweet
Share
E-mailGet Alerts LVS Hot Sheet
Price: $47.03 +2.31%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Gaming stocks are mixed on the session Monday amid preliminary November revenue data out of Macau.
According to Wells Fargo, says table gaming revenue trends show a 6 percent to 8 percent increase over the same period last year. The firm commented, "Our checks indicate strong mass traffic on the Cotai Strip with Sands Cotai Central and Galaxy Macau showing robust mid-week volumes." Despite the outlook. Wells still sees fourth-quarter revs up just 5 percent from last year.
Average daily revs were down 2.7 percent in the second week of November, but month-to-date ADR is up 8.3 percent. That growth should trail off modestly given that there are only two weekends left in November.
Wells noted recent economic data out of China showing export growth of 11.6 percent in October, which would be the second straight month of accelerating growth. Both manufacturing and services PMI were in expansion territory for the month, while inflation fell to 1.7 percent in October from 1.9 percent in September. Negative cues include Chinese banks extending $505 billion of yuan-denominated loans in the month, down 14 percent from the prior year.
Shares of Las Vegas Sands (NYSE: LVS), Wynn Resorts (Nasdaq: WYNN), Melco Crown (Nasdaq: MPEL), MGM International (NYSE: MGM), and others are all lower Monday.
According to Wells Fargo, says table gaming revenue trends show a 6 percent to 8 percent increase over the same period last year. The firm commented, "Our checks indicate strong mass traffic on the Cotai Strip with Sands Cotai Central and Galaxy Macau showing robust mid-week volumes." Despite the outlook. Wells still sees fourth-quarter revs up just 5 percent from last year.
Average daily revs were down 2.7 percent in the second week of November, but month-to-date ADR is up 8.3 percent. That growth should trail off modestly given that there are only two weekends left in November.
Wells noted recent economic data out of China showing export growth of 11.6 percent in October, which would be the second straight month of accelerating growth. Both manufacturing and services PMI were in expansion territory for the month, while inflation fell to 1.7 percent in October from 1.9 percent in September. Negative cues include Chinese banks extending $505 billion of yuan-denominated loans in the month, down 14 percent from the prior year.
Shares of Las Vegas Sands (NYSE: LVS), Wynn Resorts (Nasdaq: WYNN), Melco Crown (Nasdaq: MPEL), MGM International (NYSE: MGM), and others are all lower Monday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Portland General Electric Company (POR) to Overweight
- DA Davidson Starts Everus (ECG) at Buy
- Wells Fargo Starts Vivmark Residential (VMRK) at Overweight, 'Setting the mark for growth'
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Wells FargoSign 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!
