Share prices drop as Macau revenue estimates fall
However, David Bain an analyst for Sterne Agee said that Macau’s gross gaming revenue is up about 5% so far for June compared to last year. Bain’s report was published after initial erroneous reports came out of Macau saying that gross gaming revenue was down 4%.
Furthermore, Cameron McKnight from Wells Fargo said, “we estimate June Macau gaming revenue growth is trending between 1%-5% (higher) year over year, vs. our June estimate of 6.5%.”
Deutsche Bank has cut its full-year Macau gross gaming revenue forecast from 15% to 12%. It also downgraded Wynn Macau and SJM Holdings to hold from buy. The bank also lowered its price targets on Wynn, Sands, MGM and Melco Crown Entertainment.
This has resulted in Melco’s American depositary receipts (ADRs) falling 5.7% to $30.71, its lowest since September. Each ADR represents three underlying shares in the company and are now trading 4.7% lower than the shares in Hong Kong.
However, despite this analysts remain optimistic about Macau’s long-term prospects and also think the industry will receive a boost when the World Cup gets underway later this month.
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