Two resort-and-gambling stocks are less attractive now that the market has better priced in a popular gambling destination's recovery, according to Jefferies. Analyst David Katz downgraded Las Vegas Sands and Wynn Resorts to hold from buy. Katz shaved Las Vegas Sands' price target by $4 to $65, still representing an 11.1% upside from where the stock closed Wednesday. He also pulled back Wynn's target share price by $21 to $114, now implying a 10.4% upside.
" It's unclear how important gross gambling revenue and mix matter in a post-junket market, he said, though revenue levels were lower than in 2019 with higher margins. He said gross gambling revenue is at 60% of 2019 levels through May 2023, as 2019 saw 46% of its total market come from the VIP-focused junket business. For 2024, he said to expect EBITDA margin growth of 29% for Las Vegas Sands and 52% for Wynn.
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