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June Macau gaming revenue trending below estimate, says Wells Fargo

Wells Fargo says that based on its channel checks through June 8, June Macau gaming revenue growth is trending between 1%-5% year-over-year compared to its estimate of up 6.5%. The firm says that while it remains positive on the longer-term growth in Macau, 2014 could be "choppy" given the potential slowdown in VIP driven by decelerating credit growth and a softer macro environment. Wells still views Las Vegas Sands (LVS) as its top pick in the space. Note Union Gaming Research today downgraded shares of Melco Crown (MPEL), Wynn Macau (WYNMF) and others in the space.