UPDATE: Macau October Gambling Revenue Surges 50%, Sets Record
01 Novembro 2010 - 12:09PM
Dow Jones News
Macau's October gambling revenue surged 50% from a year earlier,
setting a record monthly high and beating analyst expectations as
patronage surged during the Chinese Golden Week holidays at the
beginning of the month.
Stunning gambling revenue growth in the territory since the
second half of 2009, after recovering from the global economic
downturn, a swine flu outbreak and mainland China visa
restrictions, has fuelled record-breaking results at casino
operators such as Las Vegas Sands Corp. (LVS) unit Sands China Ltd.
(1928.HK) and Galaxy Entertainment Group Ltd. (0027.HK), which
reported third-quarter operating data last week.
October revenue totaled MOP18.87 billion (US$2.36 billion), up
sharply from MOP12.60 billion a year earlier and September's
MOP15.30 billion, according to data from Macau's Gaming Inspection
and Coordination Bureau.
CLSA analyst Aaron Fischer wrote in a note Monday that
"consensus and our estimates for November and December are too low"
and that he expected stocks to react positively to the data. CLSA
had forecasted October's revenue would have risen 43% on year, and
Wells Fargo had tipped a 44.5% jump.
October's total surpassed the last record, hit in May this year,
when revenue reached MOP17.1 billion. The figure was also boosted
by the fact that October had five weekends. Gambling revenue in the
January-October period has risen 59% from a year earlier to
MOP152.11 billion.
JP Morgan analyst Kenneth Fong wrote in a Monday report gambling
revenue was likely to slow in November and December due to
seasonality and that if it were to exceed MOP16 billion per month
the rest of the year, that could "positively surprise the
market."
The strong numbers bolstered Sterne, Agee & Leach's view
that the opening of casinos in Singapore earlier this year hasn't
dented business in Macau. "While we believe October will show a
small boost in [mainland] China visitation to Singapore due to the
Golden week holiday, we continue to believe Singapore has had
little impact on Macau, demonstrated by Macau [gross gambling
revenue] results to date," wrote analyst David Bain in a Monday
note.
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 33% followed by Sands China (1928.HK) with 19%, according
to the JP Morgan report. SJM gained two percentage points from the
previous month while Sands held steady.
Melco Crown Entertainment Ltd. (MPEL), co-chaired by James
Packer and Lawrence Ho, saw its market share slip to 14% from 16%
in September. Wynn Resorts Ltd. unit Wynn Macau Ltd. (1128.HK) saw
a rise to just under 14% compared with the 12% it garnered in the
previous month, according to the report. "After falling for three
consecutive months, Wynn Macau's market share bounced back as
'win-rate' normalized," wrote Fong.
MGM Macau, a joint venture between Pansy Ho and MGM Resorts
International (MGM), rose to fifth place at 11%, up from 10%, and
Galaxy Entertainment's share fell to 10% in October from 12% in
September, the report said.
-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002;
kathryn.okeeffe@dowjones.com
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