Wells Fargo Comments on Macau March Growth Trends (LVS) (MPEL) (WYNN) (MGM)

In a research note Monday, Wells Fargo lowered Macau March growth estimates to 12%-15% from 13%-18%. Analyst Cameron McKnight noted a soft macro environment.

"Based on trends through March 16, we estimate March Macau gaming revenue growth is trending between 12-15% yr/yr, vs. our prior 13-18% estimate. Weekly ADR of 960MM MOP was 28% below ADR through 3/9 of 1,306MM MOP which included two weekends," said MKnight. "Our checks suggest hold impacted results while volumes were slightly softer week/week. Our recently revised Macau EBITDA estimates are 36% ahead of the Street, and assume 13% growth for March. We remain positive on the longer-term Macau secular growth story; however, 2014 could be choppy due to a potential slowdown in VIP driven by decelerating credit growth and a softer macroenvironment."

"We estimate table-game market shares for March, as of 3/16: SJM-20.8% LVS-22.2% (NYSE: LVS) , MPEL-13.6% (Nasdaq: MPEL), WYNN-11.7% (Nasdaq: WYNN), MGM-10.0% (NYSE: MGM), and Galaxy-21.6%," he added.

For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.

Shares of Wynn Resorts closed at $229.65 yesterday.

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