James Packer's Studio City boosts Melco Crown's Macau share
Mr Packer's Crown Resorts, which holds a 34 per cent stake in Melco Crown, has placed a bet that its pricey Hollywood-themed Studio City complex, which opened in October, would help to reverse the stagnating fortunes of the territory with a greater emphasis on mass market gambling and family-friendly entertainment.
After just over two months of trading, the casino has gained market share according to investment bank Bernstein Research.
"Since Studio City opened in late October, Melco Crown has grown its market share to above 16 per cent level versus historically around 13 to 14 per cent," said Bernstein analyst Vitaly Umansky.
While the December figure of 16.2 per cent represented a slight fall on the previous month's 16.6 per cent, Bernstein said that was due to VIP weakness in its existing City of Dreams casino.
It estimates Studio City generated 343 million patacas ($60 million) from mass table gross gaming revenue in December, giving it a 4.1 per cent share of the market compared with 3.6 per cent in November.
The complex's average daily revenue increased by 19 per cent to 11.1 million patacas ($2 million) in December, Bernstein said.
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