Wells Fargo cuts Macau estimates
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Wells Fargo is the latest in a string of investment banks and research houses to cut their price targets for Macau-related gaming operators.
McKnight lowered the valuation ranges for Las Vegas Sands and Wynn Resorts, due to the slower Macau gaming market growth, their market share losses here and the lacklustre macro-environment in China. Las Vegas Sands is the parent company of Sands China, while Wynn Resorts controls Wynn Macau.
Wells Fargo cut Las Vegas Sands’ valuation range to us$ 35-us$ 47 from us$ 52-us$ 61, while Wynn Resorts’ valuation range was lowered to us$ 93-us$ 110 from us$ 114-us$ 136.
Wells Fargo is the latest in a string of investment banks and research houses to cut their price targets for Macau-related gaming operators, following a gross gaming revenue growth slowdown.