Macau casino shares were sharply higher on Monday following the release of July gross gaming revenue figures by the Gaming and Inspection Bureau (DICJ). Revenue of 24.2 billion patacas (US$3.01 billion) was up 48.4% compared to July 2010 and just below the May record. Already it is being estimated that this year Macau will achieve revenues five time higher than Las Vegas, once the largest global gambling centre. Accumulated gross gaming revenue for this year to date is 45.2% up on last year.
Galaxy Entertainment led the share rise (8.7%) followed by Sands China (7.7%). Melco International Development rose 7%, SJM by 6.8%, Wynn Macau was up 6% and MGM China up 4.4%. However, it is reported that not everything is coming up roses in Macau. There is concern from international financiers that licence renewal in 2020 is not necessarily a done deal, making future development and expansion projects by the six operators likely to be more expensive to fund.
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Stanley Ho’s SJM still holds the greatest market share at 28% but Galaxy Entertainment, since opening Galaxy Macau in Cotai, is snapping at his heels. In the last 3 months Galaxy has added 9% of market share, achieving 19% in July. Melco Crown holds 16% at present and Wynn Macau 15%. MGM China still has the least market share (around 8%) and Sands China is fifth with 1 14% share. (E-08.02.11)
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