NEW YORK (TheStreet) -- Las Vegas Sands (LVS) shares are down -5.3% to $68.03 on Wednesday following reports that casino revenue from the Macau Chinese gambling destination was down 3.6% in July.
Deutsche Bank (DB) analyst Carlo Santarelli today lowered his industry wide third quarter general revenue forecast for the region to -0.9%, or $11.1 billion, from his previous forecast of a 3% rise. Santarelli also expects VIP revenue to fall more than 10% to $6.5 billion.
Wynn Resorts (WYNN) and MGM Resorts (MGM) are also down -4.3% and -3.4%, respectively, in trading today following the note.
TheStreet Ratings team rates LAS VEGAS SANDS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LAS VEGAS SANDS CORP (LVS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."