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JPMorgan says Macau casinos had happy Chinese New

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realfast95   Monday, 02/06/17 02:33:26 PM
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JPMorgan says Macau casinos had happy Chinese New Year Macau's casinos had a "very strong" performance during the Chinese New Year holiday, wrote JPMorgan in a note to investors today. CHECKS VERY POSITIVE: After conducting checks, JPMorgan analyst DS Kim says that Macau's gross gaming revenue during the first five days of February were "very strong...no matter how we look at it." During the period, which corresponded with part of the Chinese New Year, Macau's casinos had their best performance since October 2014, the analyst stated. Kim added that the casinos' gross gaming revenue came in 30%-50% above levels seen during the 2016 Chinese New Year and represented the second best Chinese New Year ever for the casinos. Moreover, the results were significantly better than the market had expected, according to Kim. BREAKDOWN OF GAMBLERS: Demand from VIP gamblers jumped 200%-250% versus January levels, while demand from non-VIP gamblers rose 60%-70%, Kim reported. Furthermore, the win rates for VIPs were normal, indicating that their underlying demand was "very solid," Kim stated. OUTLOOK: Macau's gross gaming revenue can increase 10% this month versus the same period last year, even though there is one fewer day in February this year than in 2016, Kim wrote. Helped by easy comparisons, the casinos should enjoy "good double digit growth" from March until at least July, predicted Kim, who continues to be "constructive on the sector." PRICE ACTION: In morning trading, Melco Crown (MPEL) rose 2.5% to $16.83, MGM Resorts (MGM) added 0.4% to $28.98, Las Vegas Sands (LVS) rose 0.6% to $52.11, and Wynn Resorts (WYNN) dropped 0.6% to $96.34 per share.

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