Wynn Macau drops on macro concerns despite strong results, rivals down

Sands China

10/11/2023 03:48

** Shares of Wynn Macau Ltd  1128.HK  lead slide in Macau
gaming stocks, dropping 12.2% to HK$6.12, their lowest since
Nov. 30, 2022, on their fourth session of decline
    ** Stock on track for biggest one-day pct fall since March
2022, if losses hold; biggest pct loser in Hang Seng Composite
Index  .HSCI  
    ** Jefferies says the sector share price and valuation
disconnect continues to be driven by China macro concerns
despite concessionaires noting no signs of any slowdown
    ** Wynn Macau says its Q3 operating revenue rose to $819.8
mln from $115.6 mln a year ago while net loss narrowed to $6.2
mln from $242 mln loss a year ago
    ** Jefferies keeps "hold" rating on Wynn Macau saying its 3Q
results were similar to Galaxy  0027.HK  with group earnings
broadly in line with consensus 
    ** Despite ongoing Macau gaming revenue recovery, sector
continues to be dragged down by perceived risks from China macro
market headwinds - Jefferies 
    ** Shares of rivals MGM China  2282.HK , Melco  0200.HK ,
Galaxy, Sands China  1928.HK , SJM  0880.HK  down 1.4%-4.8%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both fall 1.3%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))