Courtesy of Benzinga.
David Bain of Sterne Agee reported on Tuesday that based on his channel checks, November Macau table-only gross gaming revenue (GGR) was Macau patacas (MOP) 17.9 billion ($2.24 billion) through November 23. The analyst adds that including slot assumptions, the November GGR run-rate implies a negative 20 percent year-over-year monthly result.
Bain states that October visitation to Macau rose 11 percent year-over-year with arrivals from Mainland China increasing 20 percent and now represents 69 percent of total visitations.
The analyst notes that the visitation figures "demonstrate the desirability (especially of Mainland Chinese) to continue to visit Macau."
However, given the declines in gaming revenues, Bain states that the quality of customers visiting Macau continues to be "relatively weak" compared to a year ago, given China's recent anticorruption campaign and a "choppy" Mainland China macroeconomic backdrop.
Based on Bain's checks, Las Vegas Sands Corp. (NYSE: LVS) held a 23.1 percent table-only market share, making the casino operator the market leader in the region.
Melco Crown Entertainment Ltd (ADR) (NASDAQ: MPEL) held a 13.1 percent market share, making the company the fourth-largest operator by market share. MGM Resorts International (NYSE: MGM) ranked one spot lower with an 11.0 percent market share, while Wynn Resorts, Limited (NASDAQ: WYNN) ranked last in the region with a 7.5 percent market share.
Latest Ratings for LVS
Date | Firm | Action | From | To |
---|---|---|---|---|
Oct 2014 | Stifel Nicolaus | Maintains | Buy | |
Oct 2014 | Bank of America | Downgrades | Buy | Neutral |
Oct 2014 | Deutsche Bank | Downgrades | Buy | Hold |
View More Analyst Ratings for LVS
View the Latest Analyst Ratings
Posted-In: David Bain Macau Sterne AgeeAnalyst Color News Global Analyst Ratings