The Zacks Analyst Blog Highlights: Wynn Resorts, MGM Resorts International, Melco Crown Entertainment, Las Vegas Sands and Caesars Entertainment
CHICAGO, June 10, 2014 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Wynn Resorts Ltd. (Nasdaq:WYNN-Free Report), MGM Resorts International (NYSE:MGM-Free Report), Melco Crown Entertainment Ltd. (Nasdaq:MPEL-Free Report), Las Vegas Sands Corp. (NYSE:LVS-Free Report) andCaesars Entertainment Corp. (Nasdaq:CZR-Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
Here are highlights from Monday's Analyst Blog:
Gambling Stock Roundup
The last week begun with the Gaming Inspection and Coordination Bureau releasing the long-awaited Macau revenue data. The disappointing data resulted in a decline in share prices of leading casino operators like Wynn Resorts Ltd. (Nasdaq:WYNN-Free Report), MGM Resorts International (NYSE:MGM-Free Report), Melco Crown Entertainment Ltd. (Nasdaq:MPEL-Free Report) and Las Vegas Sands Corp. (NYSE:LVS-Free Report).
Other developments in the week included Las Vegas Sands' annual meeting in New York, Melco Crown Entertainment's update on its Studio City project and a further extension of the timing of cash tender offers made by Caesars Entertainment Operating Company, Inc. (CEOC), a subsidiary of Caesars Entertainment Corp. (Nasdaq:CZR-Free Report). (See last to last week's recap here: Gambling Stocks Roundup for June 02, 2014).
Recap of the Week's Most Important Stories
1. Share prices of most U.S. based casino operators declined during the trading session on Jun 3, 2014 with Macau gaming revenues for the month of May falling short of analyst expectations. The Gaming Inspection and Coordination Bureau announced that gross gaming revenues for Macau increased only 9.3% to $4.1 billion in May.
The growth rate was lower than gross gaming revenue increase of 10.6% in the month of April and the lowest since February. Moreover, the number fell short of analysts' expectation of 13.0% to 15.0% growth, according to media reports. (Read More: Casino Stocks Down on Disappointing Macau Data)
2. Last week, Las Vegas Sands Corp. held an annual meeting of its shareholders in New York where its founder announced plans to hire an executive to run its non-gambling businesses and to replace Michael Leven, expected to retire at the end of 2014. Also, the company provided an update on its expansion in Asia. It indicated that it is well on track to add thousands of hotel rooms by the end of 2015 post completion of St. Regis Tower and a Paris-themed casino in Macau. Additionally, the company intends to foray in Japan.
3. Melco Crown Entertainment provided an update on the development of the Studio City project and announced that it is set to open in mid-2015. The property has key competitive advantages owing to its cinematic theme and vast array of unique entertainment and attractions, which would increase Macau's importance as a leading tourist destination in Asia. The company increased its investment for the project by $300.0 million to $2.3 billion.
4. Caesars Entertainment Operating Company, Inc. (CEOC) has further amended the time for its cash tender offers to purchase any and all of the outstanding 5.625% Senior Notes due 2015 and 10.00% Second-Priority Senior Secured Notes due 2015 from Jun 3, 2014 to Jun 16, 2014. Last to last week, the company had extended the time-period from May 19, 2014 to Jun 3, 2014. (Read More: Gambling Stock Roundup: MGM Resorts Gains, Caesars Acquisition Loses).
5. Iao Kun Group Holding Company announced that rolling chip turnover at its VIP rooms in Macau was down 4.0% year over year to $1.59 billion. Also, it was 7.6% lower than the turnover for the month of April. The decline was largely due to severe rainstorms for approximately 10 days in mid-May in both Hong Kong and the Canton Province that hurt customer visits. Win rate for the month of May 2014 was 2.32%.
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
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