Citigroup's Anil Daswani and George Choi are excused for being dazzled
by the newest casino opening in China's gambling mecca of Macau Tuesday.
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At the grand opening of the Parisian Macau, Las Vegas Sands (LVS)
saw to it that 6,000 bulbs were lit on an imitation Eiffel Tower. The
high rollers were out, but so were mass-market gamblers and the minimum
bets were lower overall than expected. (Citi estimates roughly 360 of
the Parisian's 410 live-dealer tables are being deployed for the mass
segment.) But predictions of a recovery in the mass-market gambling
customer may be premature.
The Las Vegas Review-Journal notes that the $2.7 billion Parisian
resort, with 3,000 rooms, joins the $4.2 billion, 1,700-room Wynn
Palace, which opened in Macau -- less than a mile away -- on Aug. 22.The
Citi analysts have a buy rating on the stock and a $62 price target,
which means upside of roughly 10% from the current stock price. Las
Vegas Sands stock is down .5% today to $56.58. Wynn Resorts (WYNN) was
flat in midday trading, and Melco Crown Entertainment (MPEL) was down
more than 1%.
"From what we observed at the VIP Paiza, there are around 50 tables,
with presence from the three major junkets; SunCity, Guangdong Group
and Tak Chun. ... Our quick table survey showed that there were 212
opened baccarat tables at the Grind Mass area. Average minimum bet was
HK$953 (with ~76% of the tables priced at HK$1,000). At the Ruby Room,
its high-limit area, there were 22 baccarat tables with an average
minimum bet of HK$2,591 (the tables were priced at HK$2,000 and
HK$3,000). Parisian's overall min bet was HK$1,107 on Day 1, which was
~22% lower than the HK$1,428 at the Venetian and ~34% lower than the
HK$1,690 at Cotai Central, per our August Mass Baccarat Minimum Bet
Survey ...
The Wall