Gambling revenue hits record

Tue, 02 Feb 2010 12:39

Macau's results were even better than most expected

Shares of Macau casino operators rose on Tuesday on reports that gambling revenue in the enclave rose to a new high in January, signalling sustained growth in the world's largest gambling market. Macau has been thriving in recent months while Las Vegas continues to struggle with the economic conditions in the US. The CityCenter project from MGM was supposed to help boost numbers, but as of yet those increases have not been seen. In Macau, on the other hand, the casinos are once again thriving after the Chinese government eased travel restrictions that were place on residents of the mainland. With the eased restrictions, Macau casinos are once again packed and are bringing in huge revenue figures. The news in not all bad for Las Vegas casino operators. Wynn Resorts, MGM Mirage, and Las Vegas Sands all have properties in Macau, and are benefiting greatly from the recent boom. Wynn and Sands both had initial public offerings in Asia towards the latter part of 2009. MGM is set to become the next in line to hold an IPO in Asia. That is expected to take place later this year, at which time MGM will join Wynn and Sands with a listing on the Hong Kong Stock Exchange.

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