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. ...
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