- All eyes in Macau were on the grand opening of the $2.7B Parisian Macao yesterday. The 3K-room casino complex is the fifth property owned by Las Vegas Sands in Macau.
- A huge fireworks show and considerable fanfare marked the occasion which arrived at what many analysts see as a turning point for the gambling mecca.
- "We conclude that Macau is now at the start of a mass-led GGR (gross gaming revenue) recovery. Importantly, both base mass and premium mass are growing again,” says Deutsche Bank analyst Karen Tang.
- Citi had a team in place at the opening to dive into some bet counting. "Our quick table survey showed that there were 212 opened baccarat tables at the Grind Mass area. Average minimum bet was HK$953 (with ~76% of the tables priced at HK$1,000). At the Ruby Room, its high-limit area, there were 22 baccarat tables with an average minimum bet of HK$2,591," tabulates the Citi team.
- On Wall Street, Argus upgrades Las Vegas Sands (NYSE:LVS) to a Buy rating.
- LVS +1.24% premarket to $57.24.