Competition in Macau Heats Up
07 Junho 2011 - 9:16AM
Marketwired
Over the past seven years, large companies in the Resorts and
Casinos sector have begun moving into Macau after around 40 years
of the Ho family completely controlling the casino business there.
Since then several casino operators such as Las Vegas Sands and MGM
Resorts International have moved in on the region to help it become
the largest casino market in the world. The Bedford Report examines
the outlook for companies in the Resorts and Casinos Industry and
provides stock analysis on Las Vegas Sands Corporation (NYSE: LVS)
and MGM Resorts International (NYSE: MGM). Access to the full
company reports can be found at:
www.bedfordreport.com/2011-06-07/LVS-EQUITY-RESEARCH
www.bedfordreport.com/2011-06-07/MGM-EQUITY-RESEARCH
According to official statistics released last week Macau's the
Gaming Inspection and Coordination Bureau, gambling revenue in the
tiny region rose 42 percent in May from a year earlier. Following
the data, RBS analyst Philip Tulk said he will raise his current
forecast for Macau's gambling revenue to grow 28 percent in 2011.
CLSA analyst Huei Suen Ng noted Macau's May revenue alone was equal
to almost half of the $6.5 billion forecast for the Las Vegas
Strip's gambling revenue for all of 2011.
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The surge in revenues has been partially attributed to Galaxy
Entertainment opening its Cotai resort last month. Galaxy Macau
welcomed over 20,000 guests within its first 90 minutes after its
doors opened on a Sunday afternoon.
Las Vegas Sands recently set records for net revenue first
quarter of 2011. Strong revenue growth and margin expansion in
Macau, together with the continuing ramp of growth in all areas at
Marina Bay Sands in Singapore contributed to a strong financial
performance overall.
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