Macau results impact on Las Vegas’ shares

Macau’s latest financial report has damaged Wynn Resorts and Las Vegas Sands’ shares.

Macau.- According to international analysts of financial development, Macau’s latest report on casino activity’s economy has damaged gaming results in Las Vegas. As the media reported this week, Wynn Resorts and Las Vegas Sands’ shares fell earlier this week when Macau authorities published the official financial results.

As the government of Macau published last Monday, the casino city’s gaming revenue was revealed also showing that the official review missed analyst forecasts during June’s activities. Therefore, the publication led to a noticeable drop on Wynn Resorts and Las Vegas Sands’ shares in Las Vegas, Nevada.

“Wynn shares fell 7.9 per cent to US$154.14, their lowest close this year, while Sands dropped 6.7 per cent to US$71.27, near a three-month low. Both companies generate more than 50 per cent of their revenues from Macau,” as authorities reported.

Union Gaming analyst Grant Govertsen said in a note Monday: “Keep in mind that Macau has bad weeks all the time and one bad week doesn’t make a trend.” Meanwhile, Jefferies gaming analyst David Katz added: “We believe business remains fundamentally sound on Macau.”