美股博 彩业-美国博 彩业盈利预览：2018年Q2表现良好；下半年关键展望

《美股博 彩业-美国博 彩业盈利预览：2018年Q2表现良好；下半年关键展望》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、COREU.S.GamingEarningsPreview2Q18Positive;2H18OutlookKeyWeexpectgenerallypositiveresultsforgaming.Weexpectallcompaniesinourcoveragetoatleastmeetexpectations;LVSandBYDshouldreportupside.Further,weEARNINGSPREVIEWU.S.Gaming&LodgingNEUTRALUnchangedEquityResearch20July2018believethemanagementteamswillb

2、eoptimisticaboutcurrentbusinessandtheconsumer.Followingmixedstockperformancein2Q(regionalsoutperformedthelargecaps)asaresultofnoisyMacautrendsandMGM-specificissues,whichcontrastedForafulllistofourratings,pricetargetandearningschangesinthisreport,pleaseseetableonpage2.withsolidregionalgamingGGR,wevi

3、ewtheMacaustocks,WYNNandLVS,asbestpositionedastheyhavethegreatestupsidepotential(37%and15%,respectively)relativetoourpricetargets.LVSreportson7/25.WeexpectLVStoreportupsidetoconsensusestimatesinMacauandinlineresultsinSingaporeandVegas.DataforgamingrevenuesandvisitationinMacausuggestastrongquarterint

4、hemasssegment,whichbodeswellforthecompany’smass-focusedstrategy.AsthefirstMacau-relatedcompanytoreportearnings,weexpectmanagementtobepepperedwithquestionsregardingthehealthofthemarket,theirviewoftherecentGGRresultsinMayandJune,theirprogresswiththeirrenovationprogramandanupdateontheirVIPstrategy.Japa

5、nshouldalsobetopofmindgiventoday’spassageoftheimplementationbill.PENNreportson7/26.Weexpectthecompanytoreportresultsinlinewithour/consensusestimatesandguidance.Aslightrevenuemissshouldbeoffsetbystrongflow-throughgiventhemarginenhancementprogram.Weexpectfullyearguidancetobemaintainedexcludinganyflowt

6、hroughfromthe2Q18results.BYDreportson7/26.Weexpectthecompanytoreportupsidetoourandconsensusestimates.StrongtrendsintheLasVegasLocalsmarkets(whicharenottransparentpre-release)continued,whichshouldbolsterslightlybetterregionalresults.Weexpectinvestorfocustobeonmanagement’spreviouslyconservativeoutlook

7、regardingtheirbusinessingeneralandwhethertheywillraiseguidancebeyondtheflowthroughofthequarter.WYNNreportson8/1.Weexpectin-lineresults.GiventheslowergrowthinVIPforthemarketandthecompany’scommentaryabo