Goldman Sachs analyst Simon Cheung noted reports that Macau's largest junket operator has distributed a memo to its customers advising that police have launched large-scale investigations into questionable cross-border money transfers. To avoid scrutiny, some players may gamble less, which could hurt gross gaming revenue momentum in the near-term, Cheung tells investors. More important, perhaps, will be whether this issue will structurally impair the money transfer mechanism and that investors may become more concerned about the space. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN) and Melco Resorts (MLCO).

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Macquarie lowered the firm's price target on Las Vegas Sands to $61 from $62 and keeps an Outperform rating on the shares. The company reported a slight Q1 beat, aided by lucky Singapore hold, which more than offset unfavorable Macau hold, the analyst tells investors in a research note. The firm says that while ongoing Macau construction remains an impact, it sets up Las Vegas Sands for a much stronger competitive position in 2025.

Citi raised the firm's price target on Las Vegas Sands to $75 from $74 and keeps a Buy rating on the shares following the Q1 report. At Macau, the disruption from Londoner phase 2 renovation has been largely priced in as it was well flagged and explained by management in previous earnings calls, the analyst tells investors in a research note. the firm continues to rank Las Vegas Sands as its "Global Top Pick." The stock appears to be trading at an "undemanding" valuation, says Citi.

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Pre-earnings options volume in Las Vegas Sands is 3.0x normal with calls leading puts 4:3. Implied volatility suggests the market is anticipating a move near 3.7%, or $1.89, after results are released. Median move over the past eight quarters is 4.5%.

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