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.