Macau casino names gain after government clarifies

|By:, SA News Editor

Secretary for the Economy and Finance Francis Tam says the government has not asked jewelry or watch retailers accepting UnionPay cards to cease operations or move out of casinos.

Sterne Agee analyst David Bain's top pick remains Melco Crown (MPEL +4.7%) thanks to its low valuation and catalysts like the opening of the only major casino in Asia this year (City of Dreams in Manila), likely Japanese gaming expansion approval, the opening of Macau's next new casino-resort next year, the best-located casino in Cotai, and longer-term potential for increased dividends and buybacks.

Bain also notes a positive shift in sentiment for Macau names of late.

Also on the move: Wynn Resorts (WYNN +2.8%), Las Vegas Sands (LVS +2.6%), MGM Resorts (MGM +2.8%).