{"id":290848,"date":"2023-09-22T15:59:45","date_gmt":"2023-09-22T20:59:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=290848"},"modified":"2023-09-23T21:37:47","modified_gmt":"2023-09-24T02:37:47","slug":"macau-casino-stocks-sporting-attractive-valuations","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/","title":{"rendered":"Macau Casino Stocks Worth Revisiting After Declines, Says Analyst"},"content":{"rendered":"

Macau casino stocks have been sliding since early August thanks to fears regarding China\u2019s slumping economy and a recent short closure of gaming venues owing to a typhoon. But at least one analyst believes stocks have reached the point that the group merits revisiting.<\/p>\n

\"Macau
Wynn Palace in Macau. An analyst said valuations are attractive on Wynn and Las Vegas Sands.(Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

In a new report to clients, Stifel analyst Steven Wieczynski says that macro fears in China\u2019s economy<\/a> — the world\u2019s second-largest behind the US — are priced into shares of Macau operators at this point, indicating that valuation opportunities could be afoot.<\/p>\n

Pent-up demand remains robust, and we believe the upcoming Golden Week Holiday (late-September to early-October) will provide evidence of just that,\u201d observed the analyst. \u201cValuations remain overly compelling with shares of Macau-centric stocks trading at 25%+ discounts to normal trading ranges.\u201d<\/p><\/blockquote>\n

Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN), two of the three US-based Macau concessionaires, have been slumping since last month. Over the past month, shares of Sands are off more than 15%, while shares of the Wynn Macau parent are lower by 4.70% over that time.<\/p>\n

Sands, Wynn Among Macau Casino Stocks to Consider<\/h2>\n

Wieczynski pared price targets on Sands and Wynn to $69 and $135, respectively, but that still implies a significant upside for both names. Wynn closed at $91.56 today, while Sands settled at $45.79.<\/p>\n

\n

Both stand to benefit as Macau’s gross gaming revenue (GGR) flirts with pre-coronavirus levels this year. Standard & Poor\u2019s estimated GGR will reach 85% to 90% of pre-coronavirus levels this year, up from a prior forecast of 75% to 85%. S&P sees a full recovery in 2024. That\u2019s particularly meaningful to Sands, which, along with rival Galaxy Entertainment, is a leader among<\/a> mass and premium-mass bettors who visit Macau.<\/p>\n<\/div>\n

While September GGR is likely to be slack due to the aforementioned typhoon-related closures, the upcoming Golden Week holiday could provide an important avenue for refuting the China economic weakness thesis.<\/p>\n

\u201cWe believe the setup is compelling for Macau-centric names heading into 2H23\/2024,\u201d added Wieczynski. \u201cStocks have significantly underperformed our coverage universe not only since the beginning of the year but more recently over the last two months. China macro fears are the primary culprit of the recent weakness in shares, in our view.\u201d<\/p>\n

Preference for Wynn<\/h2>\n

While Wieczynski is constructive on Sands China parent Las Vegas Sands, he extolled a preference for Wynn, citing that operator\u2019s exposure<\/a> to premium mass clients \u2013 a segment that\u2019s economically sensitive than mass market bettors.<\/p>\n

In both cases, Sands and Wynn are trading at notable discounts to historical averages, indicating investors can nibble at these names without needing to embrace lofty multiples.<\/p>\n

\u201cLVS is currently trading at a 2.5 turn discount to their historical average while WYNN is trading at a 3x discount to their previous trading average,\u201d <\/strong>Wieczynski concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

Macau casino stocks have been sliding since early August thanks to fears regarding China\u2019s slumping economy and a recent short closure of gaming venues owing to a typhoon. But at least one analyst believes stocks have reached the point that the group merits revisiting. In a new report to clients, Stifel analyst Steven Wieczynski says […]<\/p>\n","protected":false},"author":46,"featured_media":247233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nMacau Casino Stocks Sporting Attractive Valuations<\/title>\n<meta name=\"description\" content=\"Sands, Wynn among Macau casino stocks meriting attention, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macau Casino Stocks Sporting Attractive Valuations\" \/>\n<meta property=\"og:description\" content=\"Sands, Wynn among Macau casino stocks meriting attention, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-22T20:59:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-24T02:37:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/WP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"803\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/\",\"url\":\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/\",\"name\":\"Macau Casino Stocks Sporting Attractive Valuations\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/WP.jpg\",\"datePublished\":\"2023-09-22T20:59:45+00:00\",\"dateModified\":\"2023-09-24T02:37:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sands, Wynn among Macau casino stocks meriting attention, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/macau-casino-stocks-sporting-attractive-valuations\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/WP.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/WP.jpg\",\"width\":1200,\"height\":803,\"caption\":\"Wynn Palace in Macau. Operator Wynn Macau and rival MGM China surprisingly announced dividends. 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