International edition
September 23, 2021

It lowered valuation ranges for Las Vegas Sands and Wynn

Wells Fargo cuts Macau estimates

(Macau).- Wells Fargo analyst Cameron McKnight said in an investors note recently released that he expects the city’s casino industry to post a gross gaming revenue growth rate of between 4 % to 10 % year-on-year for the second half of 2012.

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cKnight 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.

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