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Union Gaming adjusts Macau revenue estimates

  • Union Gaming lowers Macau gross gaming revenue estimates due largely to company-specific VIP/premium mass trends within Q2.
  • The firm now sees +16% GGR for 2018 and +12% GGR for 2019, or "modestly lower" than prior expectations. "To date we believe gaming trends remain robust (in the double digits in July) despite fears to the contrary that have resulted in the broader sell-off of the Macau Big 6," writes analyst Grant Govertsen.
  • Govertsen notes that most regulatory fears in Macau are unfulfilled and trade war concerns may be overstated.
  • Macau casino stocks: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY, WYNN), Sands China (OTCPK:SCHYY, OTCPK:SCHYF, LVS), MGM China (OTCPK:MCHVF, OTCPK:MCHVY, MGM), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF, OTCPK:SJMHY), Melco Resorts & Entertainment (NASDAQ:MLCO).
  • Related ETF: BJK.

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