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Macau casino stocks churn higher

  • Macau casino stocks trade higher after JPMorgan issues a strong assessment of June revenue trends in the gambling region.
  • Based of channel checks, analyst DS Kim expects gross gaming revenue to increase 30% to 33% during the month to top the 24% pace seen in May.
  • On the more conservative side, Wells Fargo expect GGR of 16% to 22% in June.
  • Deutsche Bank says June GGR consensus is around +30%, a growth rate seen as the peak of the year. "Net-net, we weren’t able to identify that next leg of market acceleration, and believe the most likely trajectory from here is a deceleration in comparisons, which, at current [stock price] levels, keeps us on the sidelines," notes analyst th firm.
  • Sector watch: Melco Resorts & Entertainment (MLCO +2.8%), Las Vegas Sands (LVS +1.2%), Wynn Resorts (WYNN +2.2%), MGM Resorts (MGM +0.9%), SJM Holdings (OTCPK:SJMHF +6.8%).

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