Casino stocks in 2023: It could come down to this region, analysts say

As casinos try to map out the year ahead amid concerns about inflation’s impact on leisure spending, Macau’s reopening could be the biggest driver of Wall Street’s optimism on the sector’s overall results, analysts said on Wednesday.

“We believe Macau offers the best chance for positive estimate revisions in 2023,” BofA analysts said in a research note, adding that financial forecasts for casinos that do business in the global gaming hub might be too low. The analysts said that a full recovery in Macau implied roughly 35% to 45% upside to their financial forecasts for casino operators Las Vegas Sands Corp. LVS and Wynn Resorts Ltd. WYNN , which run resorts in the region. Their 2024 estimates assumed a full mass-market recovery there.

And where estimates for Macau casinos might be too low, they said, forecasts in the U.S. might be too high, as higher prices threaten consumers’ appetite for hitting the slots or betting on sports.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

STOCK MARKET NEWS: Wall Street kicks-off 2023, Tesla shares slide, Sam Bankman-Fried in courtStocks rise as new trading year begins, FTX’s Sam Bankman-Fried in court, JOLTS, December unemployment reports will give snapshot of economy this week. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Source: FoxBusiness - 🏆 458. / 53 Read more »

After a brutal 2022 for stocks, here's what Wall Street predicts for 2023Inflation, interest rates and a possible recession could weigh on markets. But there are also reasons for bullishness. Find ways to tighten your belt and force down inflation! Why does CBS hold the crank Paul Ehrlich up as an authority on anything? He's been wrong about everything for the last 50 years. It was bad for Hitler to do what he did to remedy his Malthusian fears. Why does CBS push Ehrlich's recycled Malthusian irrationality? Probably should have not have voted for dementia.
Source: CBSNews - 🏆 87. / 68 Read more »