Nomura Securities on Gaming and Lodging: Macau May MTD Gaming Revenues
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Price: $43.84 +0.07%
Rating Summary:
20 Buy, 18 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 10 | Down: 7 | New: 64
Rating Summary:
20 Buy, 18 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 64
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Nomura Securities on Gaming and Lodging: Macau May MTD Gaming Revenues
Analyst, Harry C. Curtis, said, "The early May weekly Macau data was likely impacted more by hold than by real shifts in market share. While Sands China posted 19% market share for the first 6 days of May, we believe this was helped by below-average hold at other operators...Market share below – it appears WYNN and to some extent MGM suffered from below-average hold."
"As for the stocks, we think they should continue to consolidate after outperforming strongly year to date. However, we continue to believe that Las Vegas Sands (NYSE: LVS), Wynn Reports (Nasdaq: WYNN) and MGM (NYSE: MGM) should be bought, in particular accumulated on weakness, given strong free cash flow yields. In the coming 12 months, free cash flow should increase as demand growth in Macau outpaces supply growth by a wide margin."
Analyst, Harry C. Curtis, said, "The early May weekly Macau data was likely impacted more by hold than by real shifts in market share. While Sands China posted 19% market share for the first 6 days of May, we believe this was helped by below-average hold at other operators...Market share below – it appears WYNN and to some extent MGM suffered from below-average hold."
"As for the stocks, we think they should continue to consolidate after outperforming strongly year to date. However, we continue to believe that Las Vegas Sands (NYSE: LVS), Wynn Reports (Nasdaq: WYNN) and MGM (NYSE: MGM) should be bought, in particular accumulated on weakness, given strong free cash flow yields. In the coming 12 months, free cash flow should increase as demand growth in Macau outpaces supply growth by a wide margin."
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