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Fly News Breaks for February 4, 2020
Feb 4, 2020 | 08:17 EDT
Bernstein analyst Vitaly Umansky notes that the Macau government will be shutting down the casinos for a minimum of "half a month." With casinos already closing restaurants and other services over the past several days in light of tepid customer visitation, shutting down all operations would be easier and potentially allow for slightly more cost savings, he contends. Whatever the details of the temporary shutdown are, the analyst believes Q1 is "obviously going to show awful results." Assuming only a 2-week shutdown followed by some soft business resuming in late February and March, Q1 could show GGR year over year decline of 50%, he adds. Nonetheless, at this stage Umansky sees Macau having a "solid" recovery in the second half of the year, with recovery contingent on the contagion being brought under control and travel into Macau resuming, and China's economy not faltering materially and reducing customer confidence. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN) and Melco Resorts (MLCO).
News For LVS;WYNN;MLCO;MGM From the Last 2 Days
Apr 20, 2021 | 11:08 EDT
Hedgeye added Las Vegas Sands as an "Investing Ideas" long.
Apr 19, 2021 | 14:56 EDT
On Friday, New Jersey's Division of Gaming Enforcement reported total gaming revenue for March was $359.3M, compared to $163.5M in March 2020, reflecting a 119.8% increase. Internet gaming win was $113.7M in March compared to $64.8M in the prior period, reflecting an increase of 75.4%. Sports wagering gross revenue was $60.8M for the month. Casino win for March was $184.9M, increasing 116.3% from the same month last year. Publicly traded companies in the casino and online gambling space include Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (PDYPY), Gan Limited (GAN), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN), William Hill (WIMHY) and Wynn Resorts (WYNN). Reference Link
Apr 19, 2021 | 08:50 EDT
Jefferies analyst David Katz raised the firm's price target on Las Vegas Sands to $71 from $66 and keeps a Buy rating on the shares after reviewing his estimates ahead of Q1 earnings and updating his model to reflect the announced sale of the Venetian and Palazzo in Las Vegas with the assumption that the deals close by year's end. The recovery in Macau has been "gradual though slightly better than our prior estimate," while the Las Vegas recovery seems to have accelerated in March, Katz said.