BUZZ-Wynn Macau drops on macro concerns despite strong results, rivals down

Reuters2023-11-10

** Shares of Wynn Macau Ltd lead slide in Macau gaming stocks, dropping 12.2% to HK$6.12, their lowest since Nov. 30, 2022, on their fourth session of decline

** Stock on track for biggest one-day pct fall since March 2022, if losses hold; biggest pct loser in Hang Seng Composite Index

** Jefferies says the sector share price and valuation disconnect continues to be driven by China macro concerns despite concessionaires noting no signs of any slowdown

** Wynn Macau says its Q3 operating revenue rose to $819.8 mln from $115.6 mln a year ago while net loss narrowed to $6.2 mln from $242 mln loss a year ago

** Jefferies keeps "hold" rating on Wynn Macau saying its 3Q results were similar to Galaxy with group earnings broadly in line with consensus

** Despite ongoing Macau gaming revenue recovery, sector continues to be dragged down by perceived risks from China macro market headwinds - Jefferies

** Shares of rivals MGM China , Melco , Galaxy, Sands China , SJM down 1.4%-4.8%

** Hang Seng Composite Index and Hang Seng Index

both fall 1.3%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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