Las Vegas Sands Corp. (NYSE:LVS) shares are in the green in the pre-market after the gaming bureau of Macau reported gross revenue for the month of March from games of fortune rising 18.1% year-over-year in the region. The total revenue of 21.2 billion patacas, or around $2.6 billion, beat analyst expectations of 12-16% growth, and marked the eight sequential month of gaming revenue increases. The rise in gaming revenues is in part due to new resorts opening.
Needless to say, a more robust Macau gambling scene is good news for Las Vegas Sands, which derives a considerable amount of EBITDA from the region. Shares of Las Vegas Sands could also be in focus once President Xi Jinping visits President Donald Trump later this week at Mar-a-Lago. Shares of Las Vegas Sands are up 8% year-to-date so far.
What Does The Smart Money Sentiment Say?
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In terms of smart money activity, hedge funds generally increased their bullish positions in Q4. Of the 742 elite funds we track, 37 funds owned $895.56 million of Las Vegas Sands Corp. (NYSE:LVS) and accounted for 2.10% of the float on December 31, versus 31 funds and $659.6 million respectively on September 30. Jim Simons‘ Renaissance Technologies was among the new holders, having intiated a stake of 1.4 million shares in the fourth quarter.
The Bottom Line
The latest Macau data showed solid growth, leading traders to bid up Las Vegas Sands Corp. (NYSE:LVS) this morning. If the gambling capital of Asia continues to recover, many bulls believe shares of Las Vegas Sands could do well. For more reading, check out the article ‘11 Countries With Highest Gambling Losses in the World‘.