Major Casino Stocks Lower Despite Bullish Macau Comments from Citi

Shares of Melco Crown MPEL, Las Vegas Sands LVS, MGM MGM and Wynn Resorts WYNN are each trading lower Tuesday morning despite an earlier bullish note from Citigroup's Anil Daswani. The analyst boosted his March estimate for gross gaming revenue in Macau from 28 billion patacas to 30 billion patacas. Daswani noted gaming sales in Macau are already siting at around 10.7 billion patacas for just the first ten days of the month. The new estimate assumes a conservative estimate of 900 million patacas per day for the remainder of the month, according to Daswani. Shares of Melco are down 2.3 percent at last check, shares of Las Vegas Sands and MGM are down 1 percent, and Wynn shares are down 1.3 percent.