64 gaming
Among the events that as business trends remain dif- Encore announced on No- “Although we think
have surrounded LVS over ficult and project completion vember 13 that it has priced a Wynn Macau will remain
the last few weeks, comments and timing and the Chinese public offering of 8,000,000 the epicentre of the market,
by a top executive on Novem- regulatory situation remain newly issued shares of its particularly for both mass/
ber 13 that Las Vegas Sands uncertain. The analysts main- common stock at a price to VIP customers, the addi-
would lay off 11,000 workers. tained a “hold’’ rating on LVS the public of US$ 43.50 per tion of capacity into both the
The next day, the company shares. share. peninsula area and Cotai in
completed its offering of com- In turn, Joel Simkins Run by casino mogul Ste- 2009 and 2010 will increase
mon stocks, preferred stocks and Chad Beynon from Mac- ve Wynn, the company was competitive levels - lower-
and warrants, which provided quarie Research attributed an included in the Standard & ing margins,’’ the anlaysts
nearly US$2.1 billion of addi- “underperform’’ rating, with Poor’s 500 Index, described added.
tional capital. a 12-month target price of as a “long-term net positive Simkins and Beynon also
Not only that, third quar- US$4.50. Meanwhile, Shaun and should open it up to cer- said the ‘’uncertainty regard-
ter results were disappointing. Kelley, from the Bank of tain investors with a mandate ing a slowdown in mainland
Analysts from Macquarie America, upgraded the shares to own these stocks’’ the Chinese GDP growth, as well
said in a note that LVS’s earn- to “neutral’’, from “sell’’. Macquarie Research analysts as politics in Beijing regard-
ings per share and adjusted note said. ing visa restrictions and com-
Ebitda (US$212 million and epicentre Forst and Hoe, from Key- mission caps’’ adds to their
US$0.02, respectively) came Banc, said the inclusion will concerns about investment
below their estimates of W y n n R e s o r t s ( N A S DAQ : reduce the float. They main- risks in Macau.
US$248 million and US$0.10. WYNN), the biggest US casi- tained a “hold’’ rating for The Macquarie gam-
Dennis Forst and Cann no company by market value, the stocks, while Macquarie ing analysts also said Wynn,
Hoe, analysts from KeyBanc said that third-quarter profits analysts downgraded Wynn w h i c h r e c e n t l y r a i s e d e q u i t y o f
Capital Markets, said in a rose 14 percent because in- shares to “underperform” US$400 million, bought back
note sent to Macau Business creased gambling in Macau from “neutral” and lowered stocks “at considerably high-
that they expect LVS shares made up for declines in Las their target price to US$35 er levels during the year and
to continue to “tread water’’ Vegas. The developer of The from US$45. may have regretted burning
december 2008
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