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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Macau Casino Revenue Surges 32% to Reach Record in October

Macau Casino Revenue Surges 32% to Reach Record in October

+2
Chinwi
Redbulls
6 posters

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Macau casino revenue jumped 32 percent to a record of 36.5 billion patacas ($4.57 billion) in October, boosted by mainland Chinese visitors who spent their Golden Week holiday in the world’s largest gambling hub.

The monthly casino revenue was in line with an average consensus of 36 billion patacas from seven analysts surveyed by Bloomberg News. The previous record was 31.34 billion patacas in March.

Casino operators such as Sands China Ltd. (1928) and Galaxy Entertainment Group Ltd. (27) have been adding entertainment shows and hotel rooms to draw Chinese tourists to the former Portuguese enclave. Mainland visitors to Macau rose 12.1 percent to 722,746 over the October Golden Week holiday from a year earlier, according to the Macau Government Tourist Office.

Gambling revenue in the Chinese city gained 18 percent to 297.1 billion patacas ($37.2 billion) in the first 10 months of this year, close to the $38 billion revenue the city raked in for the whole of 2012, which was six times of that the Las Vegas Strip.

Total visitor arrivals grew 5.7 percent to 896,847 during the holiday between Oct. 1 and Oct. 7. Mainland visitors have helped fuel a boom in Macau, the only place in China where casinos are legal.

Double-Digit Growth
Sands China, MGM China Holdings Ltd. (2282) and Wynn Macau Ltd. have all reported double-digit earnings growth in casino revenue in the third quarter amid an improving Chinese economy. China’s economic growth accelerated for the first time in three quarters with gross domestic product rising 7.8 percent in the July-September period from a year earlier.

MGM China reported overnight that third-quarter profit missed analyst estimates amid rising competition. Bigger rivals such as Sands and Galaxy Entertainment already have projects on the increasingly popular Cotai Strip in Macau, a piece of reclaimed land that is Asia’s equivalent of the Las Vegas Strip.

MGM has one Macau casino on the peninsula and is building its second resort in Cotai.

MGM shares rose 2 percent to HK$27.25 as of 1:33 p.m. in Hong Kong trading today, Sands China climbed 1.5 percent, Galaxy gained 2.4 percent and Wynn Macau dropped 1.3 percent. Melco Crown Entertainment. dropped 1 percent, while SJM Holdings Ltd. (880), founded by Macau casino mogul Stanley Ho, was unchanged. The Hong Kong benchmark Index advanced 0.2 percent.

To contact the reporter on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net

To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net
http://www.businessweek.com/news/2013-11-01/macau-casino-revenue-surges-32-percent-to-reach-record-in-october

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Ape harak parawal dige kaegahanawa.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Chinwi wrote:Ape harak parawal dige kaegahanawa.
Correct..!
Hopefully new Casinos will become a reality with more favourable taxes for the country soon.

econ

econ
Global Moderator

casinos are always profitable business but gambling is usually prohibited in most religions.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

As Buddhist country we should follow Thailand mainly for the benefit of the country
Our abnormal tax benefit is mainly for the benefit of whom ?

'Casino minister' is only a spokesman Real man is behind

Hawk Eye

Hawk Eye
Expert
Expert

Dark side of Asia's gambling Mecca[/b]
http://edition.cnn.com/2013/06/17/world/asia/macau-dark-side/index.html

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