November Macau Gaming Estimated Down 30-34% - Wells Fargo (LVS) (MGM) (WYNN) (MPEL)
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Wells Fargo analyst Cameron McKnight said based on checks through November 8, they estimate November Macau gaming revenues to decline -30% to -34% yr/yr vs. our prior estimate of around -30%.
McKnight commented, "Checks suggest Average Daily Revenues (ADR) were around 525MM Macau Patacas (MOP) last week, down -9% sequentially and -36% vs. the same week last year despite a full week of results following the 10/27 opening of MPEL's Studio City. We remain on the sidelines on the Macau gaming names as estimates and valuations adjust to a ''new normal'' of: (1) tighter government oversight, (2) a recovery that is likely to be flatter than prior rebounds, and (3) a weak Chinese economy, all of which are contributing to more muted revenue growth in Macau."
They project -30% to -34% yr/yr for the month of November.
Related Stocks:
Las Vegas Sands (NYSE: LVS)
MGM Resorts (NYSE: MGM)
Melco Crown (NASDAQ: MPEL)
Wynn Resorts Ltd (NASDAQ: WYNN)
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