Macao Aug gaming revenue up 40%
Updated: 2010-09-03 07:58
(HK Edition)
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Gaming revenue in Macao, the world's biggest casino hub, rose 40 percent to 15.8 billion patacas ($2 billion) in August after SJM Holdings Ltd and its rivals added tables for high-stakes gamblers.
Revenue at the six operators in the gambling enclave surged 63 percent from a year earlier to 117.9 billion patacas in the eight months to end-August, according to Macao's Gaming Inspection and Coordination Bureau.
Wynn Macau Ltd, Galaxy Entertainment Group Ltd and other casino operators boosted their revenue from so-called VIP gamblers after increasing the number of baccarat tables with minimum bets of 10,000 patacas or higher.
"A slight moderation in the growth momentum of Macao's gross casino revenue would probably be a healthy thing at this point," independent industry consultant Jonathan Galaviz said Wednesday. A significant real-estate market downturn is likely on the mainland, and its ultimate effect on Macao would be pronounced, he added.
SJM, which has the greatest market share of the casino operators in the city, said revenue from VIP gamblers more than doubled in the first half of 2010. Wynn Macau, the Hong Kong-listed unit of Wynn Resorts Inc, said revenue from high rollers rose 80 percent in the same period.
However, the pace of revenue growth "may still disappoint the market on the back of some aggressive forecasts that came out recently," Gabriel Chan, a Hong Kong-based analyst at Credit Suisse Group AG, said in a note to clients Thursday.
Las Vegas Sands Corp Chairman Sheldon Adelson in June predicted Macao casino sales will grow more than 30 percent in the second half. Gaming revenue for the city's casino operators surged 67 percent in the six months through June.
Bloomberg News
(HK Edition 09/03/2010 page3)