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Credit Agricole on Wednesday morning downgraded Las Vegas Sands Corp. from a buy rating to an outperform rating. Many analysts having growing fears over casino companies with exposure in the Chinese gambling hub of Macau following a recent crackdown by that country’s government.
The firm has also downgraded shares of Wynn Resorts, Limited, another company with operations in Macau, from a buy rating to an outperform rating.
In the midst of the crackdown, gaming revenue is forecast to decline.
"Macau is in a tough spot. We believe dividends will be slashed across the board," Zhou, analyst Jamie Zhou of the Hong Kong-based firm Macquarie Securities told Bloomberg.
Shares of Las Vegas Sands Corp. (NYSE:LVS) traded up 0.22% during mid-day trading on Wednesday, hitting $53.46. 2,385,099 shares of the company’s stock traded hands. Las Vegas Sands Corp. has a 1-year low of $49.82 and a 1-year high of $84.24. The stock’s 50-day moving average is $56. and its 200-day moving average is $58.
- Aaron Goldstein, Gambling911.com
