The following is an excerpt from Avi Salzman | May 21, 2012 | Barrons.com |
Casino stocks have tumbled in the past few weeks, opening up a major buying opportunity for the biggest operators, argues Nomura analyst Harry Curtis in a note today. Initial results at Sands Cotai, and worries about China’s growth rate, have pulled stocks of Las Vegas Sands (LVS), MGM International Resorts (MGM), Wynn Resorts (WYNN) down 25% to 30%. Curtis thinks the fears are overblown:
“After meeting with LVS, MGM, WYNN, SJM Holdings, Melco Crown Entertainment (MPEL), Galaxy Entertainment Group and two junket operators, we can find no evidence of softer volumes or visitation. Junkets’ outlook for growth remains strong. While play is lower from Chinese property developers and exporters, new segments of wealth have been….
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