New York, NY – May 24th, 2013 – Casino operators with links to Macau fell last Thursday as poor manufacturing data from China raised concerns of a growing economic slowdown. The preliminary reading of the Purchasing Managers’ Index (EC11FLAS) of manufacturing for May was 49.6, down from a reading of 50.4 in April, and short of the average economists’ forecast of 50.4, according to Bloomberg. A majority of Macau's gaming revenues are dependent on “VIP” gamblers from mainland China. Macau’s gambling revenues in April totaled $3.54 billion, a year-over-year increase of 13 percent.
Las Vegas Sands Corp. (NYSE:LVS - News) shares declined 1.5 percent on volume of over 6.0 million shares traded last Thursday. The stock appears to have reasonable support at the $56.61 and $55.86 levels. The company reported total net revenues for Sands China Ltd. were $2.02 billion for the first quarter of 2013, an increase of 39.3 percent when compared to revenues of $1.45 billion a year ago. Shares of Las Vegas Sands have gained approximately 25 percent year-to-date.
More information on Las Vegas Sands and access to the free equity report can be found at: www.WallStreetFundamentals.com/LVS
Melco Crown Entertainment Ltd. (NASDAQ:MPEL - News) shares declined nearly 5.0 percent on volume of over 6.0 million shares traded last Thursday. The stock appears to be facing strong resistance at $23.74 with some support at $22.65. The company reported revenues for the first quarter of 2013 were $1.14 billion, an increase of roughly 11 percent when compared to revenues of $1.03 billion in the year ago quarter. Share of Melco have gained approximately 38 percent year-to-date.
More information on Melco Crown Entertainment and access to the free equity report can be found at: www.WallStreetFundamentals.com/MPEL
Wynn Resorts, Limited (NASDAQ:WYNN - News) shares declined 2.2 percent on volume of 1.2 million shares traded Thursday. The stock appears to be facing resistance at $140.25 with some support at $137.97. The company reported revenues from their Macau operations were $992.1 million for the first quarter of 2013, an increase of 4.4 percent when compared to revenues of $950.7 million in the year ago quarter. Shares of Wynn Resorts have gained approximately 23 percent year-to-date.
More information on Wynn Resorts and access to the free equity report can be found at: www.WallStreetFundamentals.com/WYNN
MGM Resorts International (NYSE:MGM - News) shares declined 1.0 percent on volume of over 9.0 million shares traded last Thursday. The stock appears to be facing some resistance at the 15.13 and 15.82 levels. The company reported net revenues from MGM China were $748 million, an increase of 6 percent when compared to the year ago quarter. Shares of MGM Resorts International have gained approximately 28 percent year-to-date.
More information on MGM Resorts International and access to the free equity report can be found at: www.WallStreetFundamentals.com/MGM
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