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Stock Market & Financial Investment News

News Breaks
June 30, 2014
17:11 EDTLVSLas Vegas Sands says Macau court dismisses AAEC claims
In a regulatory filing, Las Vegas Sands said as previously disclosed by Las Vegas Sands, on January 19, 2012, Asian American Entertainment Corporation, Limited, AAEC, filed a claim with the Macau Judicial Court against the following subsidiaries of the company: Venetian Macau Limited, LVS (Nevada) International Holdings, Las Vegas Sands, and Venetian Casino Resort and LVSLLC. The claim is for 3.0 billion patacas, approximately $375.7M at exchange rates in effect on June 25 as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the defendants for their joint presentation of a bid in response to the public tender held by the Macau government for the award of gaming concessions at the end of 2001. On September 23, 2013, the U.S. Defendants filed a motion with the Macau Second Instance Court, seeking recognition and enforcement of a U.S. Court of Appeals ruling in a prior similar action filed by AAEC, given on April 10, 2009, the effect of which would be to dismiss AAEC’s claims against the US Defendants.On June 25, 2014, the Macau Court of Second Instance delivered a decision, which gave formal recognition to and allowed enforcement in Macau of the judgment of the U.S. Court of Appeals, dismissing AAEC’s claims against the US Defendants. AAEC has ten days in which to appeal the decision. Subject to any appeal, the US Defendants intend to apply to the Macau Court of First Instance to dismiss AAEC’s claims in full. Venetian Macau Limited had previously been removed as a party to the action. On June 25, the Macau Court of Second Instance delivered a decision, which gave formal recognition to and allowed enforcement in Macau of the judgment of the U.S. Court of Appeals, dismissing AAEC’s claims against the US Defendants. AAEC has ten days in which to appeal the decision. Subject to any appeal, the US Defendants intend to apply to the Macau Court of First Instance to dismiss AAEC’s claims in full. Venetian Macau Limited had previously been removed as a party to the action.
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September 18, 2014
06:47 EDTLVSMacau stocks getting closer to bottom, says JPMorgan
JPMorgan says most Macau stocks have a 2:1 upside/downside ratio, making the risk/rewards favorable. The firm prefers MGM Resorts (MGM) and Wynn Resorts (WYNN) over Melco Crown (MPEL) and Las Vegas Sands (LVS) in the near-term, but keeps Overweight ratings on all four names. JPMorgan lowered its price target for Las Vegas Sands to $69 from $83, for Melco to $31 from $40, for MGM to $30 from $31 and for Wynn to $210 from $239. The firm says the stocks are getting closer to a bottom.
September 16, 2014
16:00 EDTLVSOptions Update; September 16, 2014
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13:52 EDTLVSMacau casino owners drop after negative note from analyst
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11:22 EDTLVSMorgan Stanley sees negative revisions to Macau consensus estimates
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September 12, 2014
14:07 EDTLVSNew Jersey reports August Atlantic City gaming win up 2.3% to $305M
New Jersey reports total Gaming Win from Atlantic City casino hotels and Internet gaming operations was $305M in August, compared to $298.1M in the same month of 2013 including discontinued operators Atlantic Club and Showboat, reflecting a 2.3% increase. Total Gaming Win from the current operators of casino hotels open for the entire month of August and Internet gaming operations was $289.9M in August. Internet gaming win was $10.5M in August, consisting of $2.2M in peer-to-peer win and $8.3M in other authorized games. As of August 31, 431,617 Internet gaming accounts have been created, up 6.5% from the 405,390 accounts as of July 31. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
September 10, 2014
09:04 EDTLVSLas Vegas Sands and Wynn Resorts recommended at Goldman
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