Encouraging Las Vegas Sands report lifts casino operators

Sands China

20/04/2023 14:47

** Shares of casino operators rise on Thurs after Las Vegas
Sands Corp  LVS.N  impresses Wall Street
    ** LVS up 4.2% after co said Q1 rev more than doubled yr/yr,
topping consensus, citing rebounding traffic in Singapore and
Macau
    ** Casino peers gain: Wynn Resorts  WYNN.O  2.0%, MGM
Resorts International  MGM.N  1.3% and U.S.-listed shares of
Melco Resorts & Entertainment  MLCO.O  3.8% 
    ** "While travel restrictions and reduced visitation
continued to impact our financial performance during the
quarter, a robust recovery in travel and tourism spending across
our markets is now underway," LVS CEO Robert Goldstein said in
statement
    ** At least 7 brokerages raised their PTs on LVS following
the report
    ** Quarter exceeded our optimistic Street-high expectations,
primarily driven by high-end gaming in Macau, Jefferies wrote in
research note
    ** With moves on Thurs, LVS up 29% YTD, while WYNN up 39%,
MGM up 35% and MLCO up 22%
    ** S&P 500 Casinos and Gaming index  .SPLRCCCGL  up 28% YTD
including move on the session

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))