Casino Operators Focus on Macau as US Economy Remains Stagnant
08 Setembro 2011 - 9:16AM
Marketwired
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(NYSE: MGM) and Melco Crown Entertainment Ltd. (NASDAQ: MPEL).
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Despite the current economic downturn in the US, Resorts and
Casinos with operations in Macau are continuing to post record
results. Cash-rich mainland gamblers, who contribute the bulk of
earnings in Macau, have helped the tiny island maintain stellar
gaming revenue since the start of the year. Macau's Gaming
Inspection and Coordination Bureau reported last week that Gambling
revenues in Macau continue to increase at an incredible rate, with
year-over-year revenues up 57% in August of 2011. Gambling revenue
totaled $3.09 billion in August, despite losses in financial
markets around the world.
Macau, a major market for casino operators including Sands China
Ltd and Wynn Macau Ltd, is likely to post full-year revenue more
than five times higher than that of rival Las Vegas. After months
of positive revenue growth, RBS analyst Philip Tulk said he is
raising his brokerage house's estimate for Macau's 2011 gambling
revenue by 6 percent to $34.1 billion, which would imply
year-to-year growth of approximately 45 percent.
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MGM Resorts reported second quarter 2011 adjusted loss of 8
cents per share as net revenue surged 17% year over year to $1.81
billion. MGM says the positive result was attributable to the
expansion of the company's controlling stake from 50% to 51% in MGM
China Holdings Limited when it went public on the Hong Kong stock
exchange in June.
Melco Crown Gaming is one of the six companies licensed, through
concessions or sub-concessions, to operate casinos in Macau. Net
revenue for the second quarter of 2011 was US$960.0 million,
representing an increase of approximately 67% from US$573.6 million
for the comparable period in 2010.
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