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LVS

Las Vegas Sands

, MGM

MGM Resorts

09:43
12/01/17
12/01
09:43
12/01/17
09:43

Macau casino operators rally as region's run of gaming gains continues

Casino companies operating in Macau are in focus in morning trading after Macau's gaming bureau said casino revenue in the Chinese territory jumped over 22% in November compared to the same month of last year. November was the sixteenth consecutive month of gains. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN) and Melco Resorts (MLCO). GAMING DATA: Macau's Gaming Inspection and Coordination Bureau said gross revenue from games of fortune in the region rose 22.6% in November to 23.03B patacas. November's gaming revenue increase marked the 16th consecutive month of gains, with October's casino revenue up 22.1% and September's up 16.1%. The gain in November reflects continued recovery for casinos in Macau, the only Chinese territory where casino gambling is legal. WHAT'S NOTABLE: Revenue growth in Macau has been stronger for Sands China, Wynn Macau and Melco Resorts, which all have casinos on Macau's Cotai Strip. However, MGM China has not fared as well as its resort on the Cotai Strip has been under development. MGM's Cotai resort is expected to open in January. The current licenses held by MGM China and SJM Holdings, another casino operator, are set to expire in 2020, while those of of Wynn Resorts, Melco Crown Entertainment, Sands China and Galaxy Entertainment Group run until 2022. It is unclear when a bidding process for new licenses will begin. RECENT ANALYST COMMENTARY: Earlier this month, Morgan Stanley analyst Thomas Allen upgraded Las Vegas Sands to Overweight and said he expects Macau gaming revenue to grow at a 10% compound annual growth rate through 2022 given China's transition to a high income economy, continued development and improving infrastructure. Allen also upgraded his Macau Gaming industry view to Attractive, citing his expectation for concession renewals in 2020 and 2022 to be "relatively seamless." He raised his price target on Las Vegas Sands shares to $72 from $65 and also maintained Overweight ratings on MGM Resorts and Wynn Resorts. Last week, UBS analyst Robin Farley said her firm's proprietary Macau survey suggested better than expected junket trends and a further increase in VIP capacity, with higher end mass gaming revenue outpacing low end mass. She said she preferred Wynn and Melco Resorts shares. PRICE ACTION: Shortly after the open, Las Vegas Sands gained 1%, while MGM rose 0.2%, Wynn Resorts climbed 1.25% and Melco Resorts shares trading in New York gained 0.6%.

LVS

Las Vegas Sands

MGM

MGM Resorts

WYNN

Wynn Resorts

$158.08

2.01 (1.29%)

MLCO

Melco Resorts & Entertainment

$26.11

0.26 (1.01%)

LVS Las Vegas Sands

11/06/17
MSCO
11/06/17
UPGRADE
MSCO
Overweight
Las Vegas Sands upgraded to Overweight from Equal Weight at Morgan Stanley
11/07/17
11/07/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Under Armour (UAA, UA) upgraded to Neutral from Negative at Susquehanna with analyst Sam Poser saying his downside thesis has played out. He now believes the downside is limited and the bar may have been set low enough to hit the reset button, although business will be challenging for some time. Poser lowered his price target to $11 from $15 on Under Armour shares. 2. Michael Kors (KORS) upgraded to Neutral from Sell at MKM Partners with analyst Roxanne Meyer saying the latest second quarter earnings show that the company has delivered on its strategies, reporting better first-half comps and improved gross margins. 3. AutoWeb (AUTO) upgraded to Outperform from Market Perform at Barrington with analyst Gary Prestopino saying he believes management has stabilized the business after its third quarter results were in-line and guidance for 2017 was maintained. 4. Las Vegas Sands (LVS) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Thomas Allen saying he now expects Macau gaming revenue to grow at a 10% compound annual growth rate through 2022 given China's transition to a high income economy, continued development and improving infrastructure. 5. Booz Allen (BAH) upgraded to Buy from Hold at Jefferies with analyst Sheila Kahyaoglu saying she views the post-earnings pullback in the shares as a buying opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/22/17
UBSW
11/22/17
NO CHANGE
UBSW
UBS raises Macau estimates after positive survey
UBS analyst Robin Farley said the firm's proprietary Macau survey suggests better than expected junket trends and a further increase in VIP capacity, with higher end mass gaming revenue outpacing low end mass. The analyst raised estimates on the Macau gaming companies, noting that she prefers Wynn (WYNN) and Melco Resorts & Entertainment (MLCO) shares.
11/07/17
MSCO
11/07/17
UPGRADE
Target $72
MSCO
Overweight
Las Vegas Sands upgraded to Overweight on Macau bullishness at Morgan Stanley
As previously reported, Morgan Stanley analyst Thomas Allen upgraded Las Vegas Sands (LVS) to Overweight from Equal Weight, saying he now expects Macau gaming revenue to grow at a 10% compound annual growth rate through 2022 given China's transition to a high income economy, continued development and improving infrastructure. Allen has also upgraded his Macau Gaming industry view to Attractive, citing his expectation for concession renewals in 2020 and 2022 to be "relatively seamless." He raised his price target on Las Vegas Sands shares to $72 from $65 and also maintains Overweight ratings on MGM Resorts (MGM) and Wynn Resorts (WYNN).
MGM MGM Resorts

11/01/17
JPMS
11/01/17
NO CHANGE
Target $41
JPMS
Overweight
JPMorgan likes MGM into Q3 results, ups target to $41
JPMorgan analyst Joseph Greff believes the selloff in shares of MGM Resorts since the Las Vegas shooting on October 1 offers an attractive opportunity. Checks and peer commentary indicate a steady rebound to normalization in Las Vegas, Greff tells investors in a research note. The analyst likes the stock into the November 8 Q3 earnings report and boosted his price target to $41 from $39. He keeps an Overweight rating on MGM.
11/08/17
GSCO
11/08/17
NO CHANGE
GSCO
Buy
Goldman says to buy MGM Resorts on any weakness
Goldman analyst Stephen Grambling recommends buying MGM Resorts on any weakness saying Q3 results demonstrated ongoing margin expansion as well as better than expected strip demand and believes Q4 guidance will prove to be conservative. Grambling rates MGM Resorts a Buy with a $41 price target on shares.
WYNN Wynn Resorts
$158.08

2.01 (1.29%)

10/26/17
10/26/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. BioTelemetry (BEAT) initiated with an Outperform at Raymond James. 2. McEwen Mining (MUX) initiated with a Buy at Cantor Fitzgerald. 3. Wynn Resorts (WYNN) initiated with a Buy at Roth Capital. 4. Instructure (INST) initiated with a Market Perform at William Blair. 5. Western Copper (WRN) initiated with a Buy at Roth Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/17
ROTH
11/01/17
INITIATION
Target $34
ROTH
Buy
Melco Resorts & Entertainment initiated with a Buy at Roth Capital
Roth Capital analyst David Bain started Melco Resorts & Entertainment (MLCO) with a Buy rating, noting that its shares trade at a steep discount to Wynn Resorts (WYNN) and Las Vegas Sands (LVS) even though he believes Melco's two primary Macau properties should be valued at a premium to most properties in the gaming area. The analyst, who thinks the valuation disconnect should close, set a $34 price target on Melco shares.
MLCO Melco Resorts & Entertainment
$26.11

0.26 (1.01%)

11/30/17
DAIW
11/30/17
UPGRADE
Target $31.9
DAIW
Buy
Melco Resorts upgraded to Buy from Hold at Daiwa
Daiwa analyst Jamie Soo upgraded Melco Resorts & Entertainment to Buy with a price target of $31.90.
11/01/17
11/01/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Gildan Activewear (GIL) initiated with a Neutral at Macquarie. 2. Proofpoint (PFPT) initiated with a Perform at Oppenheimer. 3. LendingClub (LC) initiated with a Buy at Needham. 4. Melco Resorts & Entertainment (MLCO) initiated with a Buy at Roth Capital. 5. VBI Vaccines (VBIV) initiated with a Buy at Canaccord. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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FX Action: USD-CAD has settled in the mid 1.28s »

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SNY

Sanofi

$43.96

0.26 (0.59%)

02:25
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Conference/Events
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IRM

Iron Mountain

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-2.9 (-7.13%)

19:44
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BTC

Bitcoin

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STI

SunTrust

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0.92 (1.42%)

18:57
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ZION

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0.52 (1.04%)

18:55
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PFE

Pfizer

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Pfizer's, Servier's UCART19 candidate shows high complete remission rate »

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Cellectis

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O

Realty Income

$55.74

0.32 (0.58%)

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Realty Income raises monthly dividend to 21.25c per share from 21.2c »

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WDC

Western Digital

$81.77

0.57 (0.70%)

18:16
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Earnings
Western Digital ups Q2 revenue view to $5.3B from $5.2B-$5.3B, consensus $5.2B »

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HTLF

Heartland Financial

$50.75

0.6 (1.20%)

18:03
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Heartland Financial to acquire FBLB in roughly $185.6M deal »

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SMBK

SmartFinancial

$21.82

0.03 (0.14%)

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SmartFinancial and Tennessee Bancshares announce merger agreement »

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WBT

Welbilt

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VMC

Vulcan Materials

$121.51

-1.41 (-1.15%)

18:00
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Vulcan Materials initiated at Barclays »

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URI

United Rentals

$163.65

-0.17 (-0.10%)

17:59
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