NEW YORK - Shares of casino companies with interests in Macau edged higher Friday as a Susquehanna Financial analyst cautioned against reading too much into a decline in Venetian Macao's average asking rates.
Robert LaFleur said the latest survey shows operations at the $2.4 billion casino resort normalizing, after the initial excitement that surrounded it's August opening.
"The Venetian Macao is still very early in building a history and developing the optimal mix of market segments and pricing strategies," he wrote in a client note.
The average weekday asking rate in the 28-day window fell $41 from last week's survey. Weekend rates continue to be strong, climbing approximately $7 from last week's survey, he added. The average asking rate was $262, down $27 from the prior survey.
Here's how some casino operators with interests in Macau performed on Friday:
Las Vegas Sands (nyse: LVS - news - people ), up 66 cents, to close at $129.05.
MGM Mirage (nyse: MGM - news - people ), up 63 cents, to $92.98.
Wynn Resorts Ltd. (nasdaq: WYNN - news - people ), up $1.11, to $151.07. |
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