Macau June Gambling Revenue Up 65% On Year But Down 20% From May
01 Julho 2010 - 11:20PM
Dow Jones News
Macau's gross gambling revenue in June jumped 65% from a year
earlier but fell 20% from May's record high, likely because the
soccer World Cup suppressed high-stakes gambling, according to
analysts.
June revenue totaled MOP13.6 billion (US$1.7 billion) compared
with the MOP17.1 billion recorded in May, according to data from
Macau's Gaming Inspection and Coordination Bureau.
CLSA analyst Aaron Fischer called the June figure "a touch
light," noting the brokerage had been expecting 70%-75% growth for
the full month.
Deutsche Bank analyst Karen Tang said: "We believe July [will]
see a similar temporary softness in VIP gaming as the World Cup
approaches its final stages. That said, we expect market growth to
resume sequentially in August which is traditionally the summer
travel season."
She added there could be a slowdown in gambling revenue growth
in the fourth quarter too as falling Chinese property prices take a
toll on Macau with a two-quarter lag.
Among Macau's six casino license-holders, tycoon Stanley Ho's
SJM Holdings Ltd. (0880.HK) continued to lead the market with a
share of 30%; followed by Las Vegas Sands Corp. unit Sands China
Ltd. (1928.HK) with 22%; and Wynn Resorts Ltd. unit Wynn Macau Ltd.
(1128.HK) with 17%, according to the Deutsche Bank report. Sands
gained three percentage points, Wynn added one, while SJM lost
two.
Melco Crown Entertainment Ltd. (MPEL), co-chaired by James
Packer and Lawrence Ho, had a market share of 13%; Galaxy
Entertainment Group Ltd. (0027.HK) 10%; and MGM Macau, a joint
venture between Pansy Ho and MGM Resorts International (MGM) 8%,
the report said.
-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002;
kathryn.okeeffe@dowjones.com
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