April revenue growth slows

 

Slowing year-on-year growth in weekly gross gaming revenues led several analysts to cut their estimates for monthly gains, while others raised their forecasts on expectations that momentum will return with the three-day Chinese holiday at the end of the month. RBC Capital markets and Sterne Agee are the most bearish, seeing monthly growth of just 7.9 percent and 8 percent respectively. RBC previously forecast growth of 12-14 percent. Wells Fargo and CLSA Asia-Pacific lead the bulls, with forecasts of 13-15 percent and 10-15 percent respectively. Wells raised its range by 1 percentage point, saying that worries about bird flu and soft Chinese economic data were “overdone”. March revenue was up 25.4 percent from 2012.