NEW YORK, NY / ACCESSWIRE / November 9, 2017 / Macau gaming revenue played a part in shares of Las Vegas Sands Corp. and MGM Resorts heading higher in Wednesday trading. According to Consensus Metrix, gross gaming revenue in the region saw a 22.1% growth last month compared to the year earlier. It was also the 15th straight month of gains. MGM also reported a third quarterly report that impressed traders, considering that it was just last month when a shooter killed almost 60 people and wounded more than 500 after opening fire on the Route 91 Harvest country music festival.

RDI Initiates Coverage on:

MGM Resorts International
https://rdinvesting.com/news/?ticker=MGM

Las Vegas Sands Corp.
https://rdinvesting.com/news/?ticker=LVS

MGM Resorts International saw its shares rise yesterday, closing the day up 5.09% on significant volume traded. The company reported its third-quarter earnings following the tragic shooting that happened at one of its hotels last month. Traders were excited to learn that bookings are now near "normal levels" since the shooting. For the third quarter, MGM reported EPS of 33 cents, excluding a 7 cent charge. Revenues were $2.823 billion. CEO Jim Murrent commented, "As a result of the October 1 incident, our business in Las Vegas will be impacted in the near term primarily due to a short-lived uptick in cancellations and a temporary suspension of marketing efforts. Since restarting such efforts, our booking pace has largely rebounded to normal levels. We are also making significant progress on the transformation of Monte Carlo to Park MGM, and as expected, will continue to experience disruption at the property. As a result, in the fourth quarter, we expect our Las Vegas Strip revenue to decrease by a low to mid-single-digit percentage, with non-hotel elements partially offsetting a 5%-7% (revenue per available room) decline."

Access RDI's MGM Resorts International Research Report at:
https://rdinvesting.com/news/?ticker=MGM

Las Vegas Sands Corp. shares closed up 0.83% on Wednesday with nearly 3.4 million shares traded. Recently Morgan Stanley analysts upgraded the stock from "equal-weight" to "overweight" following a bullish outlook on Macau. The firm gave LVS a price target of $72 a share. Morgan Stanley wrote, "We are more bullish on Macau after doing a deep dive into the drivers of market growth for the next 5 years. We expect LVS will outperform expectations despite losing share. This, coupled with low leverage and attractive dividend yield, drives our upgrade." According to the firm, Macau, which is known as the Las Vegas of Asia, is expected to have a revenue increase of 10% compound annual growth rate all the way to the year 2022, citing China's infrastructure improvements. The company posted strong quarterly results last month. Shares of the stock are up 27% YTD.

Access RDI's Las Vegas Sands Corp. Research Report at:
https://rdinvesting.com/news/?ticker=LVS

Our Actionable Research on MGM Resorts International (NYSE:MGM) and Las Vegas Sands Corp. (NYSE:LVS) can be downloaded free of charge at Research Driven Investing.

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