Revenue at Macau casinos is approximately MOP 900 million to 950 million, down 17% to 21% from MOP 1.114 billion in the first six days of March, according to Wells Fargo. The firm expects Macau's April gaming revenue growth in the low to mid-teens.
"Our Q2 Macau estimates are based on 15.5% yr/yr growth for April and Q2 market growth of 14.2%, down from 19.8% growth in Q1," Wells Fargo said in a statement.
As a result, stocks tied to Macau dipped on Monday. Las Vegas Sands dropped 2.95% to $76 at 10:55 a.m.
TheStreet Ratings team rates LAS VEGAS SANDS CORP as a "buy" with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LAS VEGAS SANDS CORP (LVS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."