BUZZ-Citigroup cuts PTs for casinos on lower earnings expectations

Reuters04-12

** Brokerage Citigroup cuts PTs for U.S. casinos on lower quarter-on-quarter core earnings expectations

** Citi cuts Las Vegas Sands PT to $74 from $75 and MGM Resorts International PT to $66 from $68

** "Although Macau’s GGR (gross gaming revenue) did grow 6% QoQ in 1Q24, we believe industry EBITDA would grow by only 2% QoQ"- brokerage

** Citi attributes estimates to unfavorable holds in Feb, referring to the portion of money gambled that the casino gets to keep

** MGM and LVS' revised PTs represent about a 47% and 43%upside to the current stock price, respectively

** Shares of MGM have gained about 4% in past 12 months, while LVS is down 7.6%

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

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