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BUZZ-Jefferies lowers annual profit view on casino operators, cuts PTs
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BUZZ-Jefferies lowers annual profit view on casino operators, cuts PTs

** Jefferies lowers its 2024, 2025 earnings-per-share forecast for casino operators given "notably weak July in both regional markets and Las Vegas"

** Cuts PT of casino operator Caesars Entertainment CZR.O to $51 from $60

** Notes weakness across CZR's regional portfolio on higher market competition, despite growth in Las Vegas portfolio and digital segment

** Cuts MGM Resorts International's MGM.N PT to $51 from $58

** Brokerage says MGM bears little near-term catalyst for change; adds that despite investment in online sports betting venture BetMGM acting as headwind, overall regional and Las Vegas portfolio remains "solid but choppy"

** Jefferies cuts Wynn Resorts' WYNN.O PT to $81 from $87

** Says WYNN's persistent Macau macro concerns, time to opening for Middle East project and lack of central catalyst temper share upside

** Cuts PT for Las Vegas Sands LVS.N to $44 from $45, says "struggling macro continues to create overhang for shares"

** YTD, S&P 500 Casinos & Gaming sub-index .SPLRCCCGL has fallen 17.3%


(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
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