Casino Stocks Rally as Gambling Revenues in Macau Well Ahead of Previous Trends in July
July 13th, 2016 – Casino and Gaming stocks received a boost Monday after a number of reports suggested strong gaming revenues in Macau, China’s gambling mecca, in July. CNBC has reported that several firms have suggested results from the first 10 days of July were “well ahead of the previous trends.” On Monday, Las Vegas Sands Corp. and Wynn Resorts, Limited posted gains of 4.06 and 4.85 percent, respectively. Register with us now for your free membership and gain access to our Casinos stock reports at: www.rdinvesting.com
“According to our industry sources, based on gaming play for the first 10 days of July, gross gaming revenues in Macau for the month is estimated to be tracking up approximately 8.2 percent year-over-year,” Telsey Advisory analyst David Katz said in a research note Monday, according to CNBC.
Las Vegas Sands Corp. (NYSE: LVS)
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Las Vegas Sands’ shares gained 4.06 percent to close at $45.92 a share Monday. The stock traded between $44.75 and $46.53 on volume of 6.60 million shares traded. The stock appears to be facing some resistance at $47.03 and $49.09 with some support at $44.74 and $41.82. Las Vegas Sands is estimated to release results for the second quarter of 2016 on Wednesday, July 27th. The company reported revenues for Sands China Ltd. were $1.63 billion for the first quarter of 2016, a decrease of 7.9 percent when compared to $1.77 billion in the same quarter last year. Shares of Las Vegas Sands have gained approximately 4.7 percent year-to-date, and are down roughly 0.70 percent in the past month.
MGM Resorts International (NYSE: MGM)
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MGM Resorts International’s shares gained 0.13 percent to close at $22.99 a share Monday. The stock traded between $22.95 and $23.30 on volume of 6.63 million shares traded. The stock appears to be facing some resistance at $23.83 and $25.09 with some support at $22.87 and $21.60. MGM Resorts International reported net revenue at the Company’s wholly owned domestic resorts increased 3.0 percent year-over-year in the first quarter of 2016. MGM China reported revenues of $469 million for the first quarter of 2016, a decrease of 26 percent year-over-year. Shares of MGM Resorts International have gained approximately 1.2 percent year-to-date and are down roughly 6.4 percent in the past month.
Wynn Resorts, Limited (NASDAQ: WYNN)
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Wynn Resorts’ shares gained 4.85 percent to close at $94.10 a share Monday. The stock traded between $91.28 and $96.06 on volume of 4.06 million shares traded. The stock appears to be facing some resistance at $95.75 and $97.78 with some support at $90.55 and $80.43. The company is estimated to releases results for the second quarter of 2016 on Wednesday, August 3rd. Wynn Resorts reported net revenues from Macau operations were $608.2 million in first quarter of this year, a 13.8 percent decrease from $705.4 million in the first quarter of 2015. Shares of Wynn Resorts have gained approximately 36.0 percent year-to-date, but have fallen roughly 6.3 percent in the past month.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL)
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Melco Crown Entertainment’s shares spiked 5.10 percent to close at $12.56 a share Monday. The stock traded between $12.11 and $12.72 on volume of 5.81 million shares traded. The stock appears to be facing some resistance at $12.67 and $12.94 with some support at $12.13. The company is estimated to release results for the second quarter of 2016 on Thursday, August 4th. Melco Crown Entertainment net revenue was $1,103.6 million for the first quarter of 2016, an increase of 5.0 percent from $1,054.3 reported in first quarter of 2015. Shares of Melco Crown Entertainment have fallen approximately 25.2 percent year-to-date and are down roughly 8.5 percent in the past month.
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