Macau Remains Gambling Core -- Will Vegas Ever Catch Up?
08 Março 2011 - 1:25PM
Marketwired
Back in 2006 the tiny island of Macau surpassed the Las Vegas Strip
as the world's gambling core after the government allowed overseas
casino operators to enter the region. Over the last five years
Macau revenues have continued to surge, while Las Vegas gaming has
struggled amidst surging unemployment numbers. With Vegas still
posting disappointing numbers, casino operators have begun looking
elsewhere for possible revenues comparable to Macau. The Bedford
Report examines the outlook for companies in the Resorts and
Casinos Industry and provides research reports on MGM Resorts
International (NYSE: MGM) and Melco Crown Entertainment Ltd.
(NASDAQ: MPEL). Access to the full company reports can be found at:
www.bedfordreport.com/2011-03-MGM
www.bedfordreport.com/2011-03-MPEL
One hundred percent of Melco Crown's revenue is derived from
Macau. The company operates the Crown Macau and Mocha Club gaming
interests in Macau and is developing the City of Dreams casino and
resort complex.
MGM's Chairman and Chief Executive Jim Murren is confident that
Las Vegas' fortunes are turning around, claiming "the recovery that
has been long awaited and frustrating in its timing is gaining
momentum." MGM reported a loss of $139 million, or 29 cents a
share, for the fourth quarter, compared with a loss of $433.9
million, or 98 cents a share, a year earlier.
The Bedford Report releases regular market updates on the
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Las Vegas could face more national competition as Florida is
currently seeking to lure more gamblers to its state. Two state
senators announced last Friday that they filed legislation that
would allow five Las Vegas-style casino hotels in Florida, spaced
across the state.
Last year Florida expanded their gambling industry when they
reached a compact agreement with the Seminole Indians, authorizing
blackjack and baccarat at Seminole casinos. Lawmakers also lowered
the gambling tax rate that pari-mutuels pay, and eliminated limits
in poker rooms across the state. In its first year of its expanded
gambling deal with the state, the Seminole Tribe took in $2
billion.
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