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MGM Resorts International Message Board

  • aea_74 aea_74 Feb 19, 2013 9:16 AM Flag

    Why wynns down premarkets???

    No understand. Wynns has vey good news Friday

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    • any bodies know whys?

      • 1 Reply to aea_74
      • By Ben Levisohn

        It wasn’t a happy New Year for Macau’s gaming stocks after all.

        Reuters
        Gaming revenue in Macau are out for the first 17 days of February–and they’re far from the fireworks investors were hoping after initial reports suggested that Chinese citizens had gone on a splurge-fest during the Chinese New Year (and I was premature in saying investors had nothing to worry about yet). According to Nomura, gaming revenues so far suggest that revenue for the full month will grow at a low- to mid-single-digit clip during February, well below forecasts for a growth rate of 10% to 15%.

        While mass-market revenue looks to be coming in near estimates–Nomura says they could come in between 26% to 33%, near its forecast of 28%, the so-called high rollers seems to have avoided the casinos altogether–dashing hopes for a VIP recovery.

        What kept the VIPs away? Sterne Agee’s David Bain believes that big crowds, on the one hand, combine with fires of a crackdown on junket operators–which had been dismissed by analysts recently–made high rollers scarce.

        As a result of the weak numbers, Macau’s gambling stocks are plummeting.

        Melco Crown Entertainment (MPEL) has dropped 7% to $19.32, Las Vegas Sands’ (LVS) has plunged 3.4% to $51.10 and Wynn Resorts (WYNN) has dropped 2.4% to $124.01. Only MGM Resorts International’s (MGM), which has fallen 0.4% to $12.83, has avoided most of the pain.

 
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