NEW YORK (
) -- Casino stocks are trading lower before the bell, despite another record month in Macau.
In April, gaming revenues in the Chinese enclave surged 44.6% to $2.56 billion, even as comparisons during the month proved difficult.
May is poised to be an even stronger month, according to J.P. Morgan analyst Joseph Greff. He notes there is upside potential for both
Las Vegas Sands
By market share:
held 29.1%, Las Vegas Sands 16.7%,
Melco Crown Entertainment
17.9%, Wynn Resorts 16.9%,
8.1%, according to estimates from Wells Fargo analyst Carlo Santarelli.
But not all news out of the sector this morning was as upbeat.
reported disappointing first-quarter results, missing Wall Street's forecast by 2 cents.
During the three-month period the regional operator reported a surprise loss of a penny compared with analysts' estimates of a profit of 1 cent. Revenue rose 36% to $664.9 million, also below consensus of $568.7 million.
This shortfall was in part due to weakness at its Borgata casino in Atlantic City and, to a lesser degree, its Las Vegas locals segment.
Las Vegas Sands is set to report its first-quarter results at the close today, and analysts are calling for a profit of 44 cents a share on revenue of $2.14 billion.
MGM Resorts and
are scheduled to release their results on Wednesday.
-- Written by Jeanine Poggi in New York.
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