Wells Fargo

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    Wells Fargo is a provider of banking, mortgage, investing, credit card, insurance, and consumer and commercial financial services.

    Related Articles

    LVS EBITDA rises in 17Q1

    Casino operator Las Vegas Sands reported strong results in 17Q1, matching consensus expectations of $3.1 billion in revenue for the quarter. The casino operator, which owns integrated resort and casino developments in Macau, Singapore and Las Vegas, reported $578 million in net income for the quarter, an increase of 41.3 percent. Operating income increased 30.2 […]

    IGT 4Q Ebitda, 2017 outlook miss forecasts

    IGT 4Q earnings missed estimates pulled down by lower gaming service revenue. Consolidated revenue declined 3 percent to $1.32 billion from $1.36 billion in the fourth quarter of 2015, which included approximately $20 million of revenue benefits related to the catch-up reclassification of Stability Law taxes on gaming machines in Italy. Lower revenue reflects global […]

    China housing slowdown may cool Macau GGR

    A cooling of the housing market in Mainland China could mean a drop in VIP and premium mass business in Macau, analysts from Wells Fargo noted on Monday. Recent restrictions on the housing market, leading to a 40 percent year-on-year drop in home sales volume in Beijing in October, could signal a drop in gaming […]

    Wynn Resorts reports net loss in 16Q3; Palace still ramping

    Casino operator Wynn Resorts reported a net loss for the third quarter of 2016, down 118.1 percent year-on-year to $17.4 million. While Macau GGR has been on an upward trend over the last three months, net revenue from its Macau operations fell 11.5 percent in 16Q3 to $518.1 million. Adjusted Property EBITDA from Wynn Macau […]

    Golden Week visitors up 8 percent

    Visitors to Asia’s gaming hub rose nearly 8 percent year-on-year during the first seven days of Golden Week. “Premium mass and VIP are performing well, but grind mass has been soft.” added Wells Fargo on Friday while commenting on visitor growth during Golden Week. Hotel rates were down nearly 50 percent during the week, added […]

    Macau GGR headed for 1-5 percent increase: analysts

    Macau gross gaming revenue for the month of September is headed for a year-on-year increase, with analysts predicting an increase between 1-5 percent. According to a note from Bernstein on Monday, GGR during the week ending Sept. 25 was weaker than anticipated. “Our channel checks indicate that Macau’s GGR (gross gaming revenue) month-to-date is ~MOP […]

    New supply pressuring room rates: Wells Fargo

    New supply is pressuring down Macau hotel rates, with ‘same-store’ rates down 13 percent year-on-year in September, according to Wells Fargo analysts in a note on Friday. “For the past 18 months, we have been tracking forward hotel room rates in Macau, much like our weekly Vegas Roominations. Our forward survey is showing material pressure […]

    Too early to judge impact of new openings

    While a number of analysts have made observations on the impact of new properties, Wells Fargo says it’s too early to make any definitive calls. “We definitely don’t agree with the (recent) view that the new properties haven’t shown any major cannibalization, and therefore ‘supply growth’ can be ruled out as a ‘risk’. While we […]

    Macau Monetary Authority confirms UnionPay crackdown: Premium mass seen hit

    The Macau Monetary Authority has confirmed it is stepping up supervision of the use of China UnionPay cards in pawn shops in a move analysts say is likely to impact the premium mass market. The MMA in a statement Friday confirmed that it will be implementing real-time monitoring of mainland bank cards at high-risk merchants. […]

    Nov. GGR trends indicate Macau still in decline, Wells Fargo says

    Market checks suggest gross gambling revenue will record a decline of about 32 percent to 35 percent in November year-on-year, with the market also falling more than the historical norm on a sequential basis, indicating a continuing downward trend, according to Wells Fargo. The firm has reduced its Nov. forecast from a decline of between […]

    Weaker-than-expected start for Macau Nov. GGR

    Gross gambling revenue in the first week of November is pointing to a weak start for the month, prompting analysts to revise down their forecasts. According to Bernstein Research average daily revenue in the week through to Nov. 8th was MOP 525 million ($66 million), lower than October’s MOP 647 million rate, mainly due to […]

    Wells Fargo revises down Macau GGR estimate for October

    October Macau gaming revenues are expected to decline 27 percent to 29 percent year-on-year, Wells Fargo says, compared to the research house’s prior estimate of down 26 percent to 29 percent. Checks suggest average daily revenues were around MOP586 million last week, down 29 percent compared with Golden Week’s MOP827 million, Wells Fargo said in […]

    Macau’s latest revenue checks disappoint again, analysts say

    Gross gambling revenue appears to have slowed again in the week ending Oct. 18th, disappointing analysts after a “strong” Golden Week. Average daily revenue in the week was MOP486 million ($79.2 million), the lowest since June 2010, say analysts at Bernstein Research and Wells Fargo. That’s down 41 percent sequentially and off 45 percent from […]

    LVS Macau mass market share drops in Sept., Wells Fargo says

    Las Vegas Sands was the biggest loser in terms of mass market share among the U.S.-listed operators in Macau in September, according to Wells Fargo research. For the market as a whole, unadjusted mass revenue fell 33 percent year-on-year, with junket volumes down 54 percent and VIP revenue off 34 percent, the analysts said in […]

    Macau junkets hopeful ahead of Golden Week

    Macau looks poised to benefit from Golden Week next month following volatile weekly trends that have seen VIP business now operating from a much lower base, according to Wells Fargo. Analyst Cameron McKnight wrote in a note that VIP volumes were down last weekend, but have subsequently returned to more normal levels during the week.  […]

    Macau August GGR tracking below consensus: WF

    Wells Fargo says August gross gaming revenue for Macau continues to track below consensus of roughly negative 30 percent to negative 35 percent year-on-year. Based on checks through August 23, WF analyst Cameron McKnight estimates a decline of negative 36 percent to negative 38 percent with average daily revenue at MOP600 million ($75.1 million) last […]

    Macau August GGR down 34-38 percent as gov’t extends “olive branch” on smoking : WF

    Wells Fargo estimates that based on checks through August 9, 2015, Macau gaming revenue declined 34 percent to 38 percent, below its prior estimate of 30 percent to 35 percent.  Checks suggest average daily revenues were MOP566 million ($71 million) last week versus July ADR of MOP600 million. “While this is just one week of […]

    MGM China does well to shift to mass

    Wells Fargo said MGM China’s 15Q2 results were in line with its estimates, but likely above bearish investor expectations. However, the operator has done well to shift from VIP to mass. Analyst Cameron McKnight said considerable weakness in the Macau market has meaningfully reduced the size of the dividend MGM is being paid by MGM […]