Casino Stock Winners and Losers: Melco

When Melco Crown Entertainment(MPEL Quote) opens its City of Dreams casino in Macau, China, it will draw some business away from Las Vegas Sands(LVS Quote) and Wynn Entertainment(WYNN Quote), according to one analyst, who lowered her price targets on the latter two companies.

Melco shares were trading up 5.6% to $5.90 around 1 p.m. Tuesday.

Janet Brashear of Bernstein Research predicts the new casino, opening June 1, will pull in $1.4 billion in gross gaming revenue next year and 10% of market share. She anticipates some of that business will come at the expense of the Wynn Macau and Sands' Venetian Macao.

Brashear reaffirmed Wynn's market perform rating but cut its price target to $37 from $40. She kept an outperform rating on Las Vegas Sands, which on Friday opened a new casino in Bethlehem, Pa., but lowered its price target to $10 from $12.

Wynn shares were up 6.2% to $38.07, and Las Vegas Sands was up 4.4% to $9.35, as were most casino companies with the overall stock market.

Elsewhere, MGM Mirage(MGM Quote) was down 4.6% to $7.24.

Boyd Gaming(BYD Quote) was up 7.8% to $10.11.

Penn National Gaming(PENN Quote) was up 7.3% to $30.58.

Ameristar Casinos(ASCA Quote) was up 5.6% to $19.53.

Isle of Capri Casinos(ISLE Quote) was up 2.6% to $12.32

Pinnacle Entertainment(PNK Quote) was up 3.1% to $11.