Macau July Gross Gambling Revenue Rises 70% To MOP16.3 Billion
02 Agosto 2010 - 11:48PM
Dow Jones News
Macau's July gross gambling revenue jumped 70% from a year
earlier and rose 20% from June, picking up after the end of the
soccer World Cup, which analysts said had suppressed high-stakes
gambling last month.
July revenue totaled MOP16.3 billion (US$2.0 billion) compared
with the MOP13.6 billion recorded in June, according to data from
Macau's Gaming Inspection and Coordination Bureau. It didn't
provide the July 2009 figure for comparison.
July's figure is the second-highest so far this year after May's
record MOP17.1 billion.
But July may be the last month for easy year over year
comparisons, wrote Citigroup analyst Anil Daswani in a recent
report, noting monthly gambling revenue hasn't fallen below MOP10
billion since July 2009.
CLSA analysts Huei Suen Ng and Aaron Fischer said they expect
gambling revenue in the Chinese territory to rise 34% from a year
earlier in the second half of this year following the first half's
67% growth.
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 32%; followed by Las Vegas Sands Corp. unit Sands China
Ltd. (1928.HK) with 19%; and Wynn Resorts Ltd. unit Wynn Macau Ltd.
(1128.HK) with 15%, according to CLSA. Compared to the brokerage's
June market share figures, SJM gained two percentage points while
Wynn and Sands lost two each.
Melco Crown Entertainment Ltd. (MPEL), co-chaired by James
Packer and Lawrence Ho, had a market share of 15%; Galaxy
Entertainment Group Ltd. (0027.HK) 12%; and MGM Macau, a joint
venture between Pansy Ho and MGM Resorts International (MGM), had
7%, CLSA said.
Solid July revenue figures are significant for two reasons,
Nomura analyst Charlene Liu said in a report Friday: first, the
performance should help dismiss some of the market's concerns that
property cooling measures announced by China in mid-April could
have a negative impact on Macau gambling revenue with a three-month
delay. Second, a strong July despite typical seasonal weakness will
set a positive tone for the next six months, she said.
-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002;
kathryn.okeeffe@dowjones.com
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