Casino Stocks Up; Analyst Sees 'Green Shoots' In Macau

Casino stocks rose Thursday after an analyst discerned "green shoots" amid Macau gaming data for May released earlier this week. Mass gaming jumped 9 percent during the month, according to Credit Suisse's Kenneth Fong, whose note was reported on by Barron's Asia. http://blogs.barrons.com/asiastocks/2015/06/04/macau-gaming-shows-some-green-shoots/ Gross gaming revenue fell 37.1 percent in May according to data released Monday by Macau's Gaming Inspection and Coordination Bureau. http://www.dicj.gov.mo/web/en/information/DadosEstat_mensal/2015/index.html But Fong noted that along with the improved mass gaming segment, VIP gaming rose 3 percent from April and VIP rolling gained 7 percent. The rate of decline in visitors from mainland China to Hong Kong also slowed in April to 6 percent, from 13.5 percent in March, Fong said. "As the visitation trend between Hong Kong and Macau has strong correlation, we believe a better trend in Hong Kong should bode well for Macau" Fong reportedly wrote. Wynn Macau WYNMF rose about 9 percent to $1.99 a share; Wynn Resorts, Limited WYNN gained more than 7 percent Thursday to $109.31 and Melco Crown Entertainment Ltd. MPEL rose nearly 7 percent to $21.07. Las Vegas Sands Corp.LVS traded up about 5.5 percent to $54.90 and MGM Resorts International MGM picked up nearly 3 percent, trading at $20.30.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorNewsAnalyst RatingsCasinos & GamingConsumer Discretionary
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!