Rumor and speculation on Wall Street of a very strong start for the Venetian Macau Resort helped pushed Casino Gaming sector stocks higher today. Several new BUY ratings have also been released by top financial institutions and their analysts.
The Venetian Macau, owned and operated by US firm Las Vegas Sands Corporation (NYSE: LVS), was predicted to be become the largest casino in the world. Since it's recent opening, the casino has not let down investors and the bullish predictions are not so far-fetched. Over the past weekend, the casino saw crowds of over 100,000 people per day, according to a report by CNBC. A total of more than 300,000 visitors entered the resort in a 3-day period.
Top analysts had based earnings per share (EPS) estimates on 30,000 people per day, almost 3 times lower than actual figures. In addition to strong opening sales, rumors of another Las Vegas Sands Project similar to Macau helped entice speculators.
Shares of Las Vegas Sands rose to over $100 today and finished at $102.50, a 25% increase since June. In the past year, the Casino Gaming Sector has outperformed the S & P 500 Index by almost 4 times.
Past 12 Months:
-Casino Gaming Sector (+47.5%)
-S & P 500 Index (+13.05%) |
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