Major Casino Stocks Spike After Report Shows Macau's Gaming Revenue Surges 13.5% in 2012
03 Janeiro 2013 - 11:20AM
Marketwired
Shares of major casino stocks surged this week after a report from
Macau regulators showed casino revenues in the Chinese gambling
mecca hit a new record in December. The Market Vectors Gaming ETF
(BJK) started the year with a 3.5 percent gain on Wednesday. Five
Star Equities examines the outlook for companies in the Resorts
& 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.FiveStarEquities.com/MPEL
www.FiveStarEquities.com/MGM
Macau's Gaming Inspection and Coordination Bureau reported that
gambling revenue in Macau grew by 20 percent to a record of 28.2
billion patacas ($3.5 billion) in December, topping the previous
record of 27.7 billion patacas which was set in October. For full
year 2012, gambling revenues gained 13.5 percent to total 304
billion patacas ($38 billion), which was also a record.
"This is definitely better than our expectation, and much higher
than the street estimates," said Kim Eng Securities HK Ltd.
analysts, Jeremy Tan, "It's a combination of higher holiday
footfall, higher win-rate, and a return to VIP market," he
said.
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Melco Crown Entertainment is an owner and developer of casino
gaming and entertainment resort facilities that are focused on the
rapidly expanding gaming market found in Macau. The company has
also successfully completed the acquisition of a 60% interest in
the Studio City project on Cotai. Shares of Melco have gained over
80 percent in the past year.
MGM Resorts International holds a 51% interest in MGM China
Holdings Limited, which owns the MGM Macau resort and casino. MGM
China earned net revenue of $665 million, a 7 percent increase over
the prior year quarter, which was largely driven by a 37 percent
increase in slots revenue. Shares of the company have gained over
17.5 percent in the past year.
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