Asian Gaming Still Strong -- Melco Crown Entertainment and MGM Resorts Eye Expansion
11 Outubro 2011 - 9:16AM
Marketwired
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. The Bedford Report
examines the outlook for companies in the Resorts and Casinos
Industry and provides equity research on Melco Crown Entertainment
Ltd. (NASDAQ: MPEL) and MGM Resorts International (NYSE: MGM).
Access to the full company reports can be found at:
www.bedfordreport.com/MPEL
www.bedfordreport.com/MGM
Macau's Gaming Inspection and Coordination Bureau reported
earlier this month that gambling revenue on the small island jumped
39 percent to 21.2 billion patacas ($2.6 billion) in September,
reflecting continued growth in the world's largest gambling market
despite plunging casino stocks. September's revenue figure was
expected to fall short of August's record $3.1 billion due to
seasonal factors.
Asia's strong growth in the gaming industry stands in contrast
to the Las Vegas Strip, which is now suffering the effects of the
global downturn. Casino stocks have had a fairly difficult two
months on fears that a potential slowdown in the Chinese economy
might affect companies' operations in Macau.
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Melco Crown Entertainment recently announced that it will pay
$360 million for a controlling stake in a new gaming resort in
Macau -- the company's second resort in the Asian gaming hub. Melco
Crown will spend $1.7 billion developing the 2,000-room resort,
with construction starting as early as next year to meet a 2015
completion date, group chief executive Lawrence Ho said.
MGM Resorts intends to expand further in Asia and the first
hotel is expected to come on stream this year in Sanya on Hainan
Island, China. MGM also expects to have its properties in several
other cities in China such as Beijing, Chengdu, Tianjin and
Nanjing.
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