Macau Lockdown Slashes Targets For Las Vegas Sands, MGM, Wynn
Macau casinos are shut down for a week. Wall Street analyst cut his price targets for U.S.-listed casino stocks with exposure to Macau.
Bank of America analyst Shaun Kelley issued the following price target cuts on Monday: Las Vegas Sands Corp. (NYSE:LVS), reiterated Underperform rating and lowered the price from $38 to $36. Wynn Resorts Limited (NASDAQ:WYNN) reiterated Neutral rating and the target was lowered from $75 to
Las Vegas Sands Corp. (NYSE:LVS) reiterated Underperform rating and lowered the price target from $38 to $36. Wynn Resorts, Limited (NASDAQ:WYNN) lowered its price from $75 to $70. MGM Reserves International (NYSEMKT:MGM) has a Neutral rating.
Macau's gross gaming revenue dropped 26% month-over-month in June. Macau will close more than 30 casinos and other non-essential businesses for the entire week as part of China's zero-COVID policy. U.S. operators with no exposure to Macao traded lower in sympathy to the Macua trade. Las Vegas Strip's GGR is up 23% for May. Bank of America is more bullish on a handful of casino stocks focused on the U.,S., market.
Caesars and Penn suffered sharp sell-offs on Monday. The sell off could be a knee-jerk reaction to the negative headline out of Macau.