NEW YORK (TheStreet) -- Shares of Las Vegas Sands Corp. (LVS) are down 2.64% to $ 60.57 in late morning trading following a report from Morgan Stanley (MS) analysts that said the decline in China's top gambling region, Macau, has not yet found a bottom because the consensus estimate is still too high.
Morgan Stanley added they are particularly worried about the tight labor market conditions in Macau and its impact on the casinos' profitability.
Also, the Macau Business Daily reported that casinos there would likely see a 5% drop in revenue from June to August.
Shares of other casino companies are also lower including Galaxy Entertainment Group (GXYEY) down 3.22% to $65.13, Wynn Resorts (WYNN) down 2.38% to $176.42, Melco Crown Entertainment (MPEL) , down 4.87% to $25.76 and MGM Resorts International (MGM) down 3.58% to $22.38 today.
Separately, 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 multiple 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, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."