Barclays analyst Felicia Hendrix believes the U.S. Gaming sector could be poised for further growth in 2020. With capex cycles completing and acquisitions "seemingly on the back burner for many operators," gaming companies enter a "significant cash harvesting phase," Hendrix tells investors in a research note. MGM Resorts (MGM) is expected to be one-times levered against its domestic EBITDA by year end 2020, Boyd Gaming (BYD) is singularly focused on delevering through free cash flow and Penn National (PENN) is examining asset monetization opportunities to delever, the analyst points out. For the Macau stocks, macro continues to drive stock performance, but Las Vegas Sands (LVS) and Wynn Resorts (WYNN) should enjoy the completion of various projects which should drive share gains, contends Hendrix.

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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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