Competition in Macau heats up
The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides stock analysis on Las Vegas Sands Corporation and MGM Resorts International.
According to official statistics released last week Macau's the Gaming Inspection and Coordination Bureau, gambling revenue in the tiny region rose 42 % in May from a year earlier. Following the data, RBS analyst Philip Tulk said he will raise his current forecast for Macau's gambling revenue to grow 28 % in 2011. CLSA analyst Huei Suen Ng noted Macau's May revenue alone was equal to almost half of the us$ 6.5 billion forecast for the Las Vegas Strip's gambling revenue for all of 2011.
The surge in revenues has been partially attributed to Galaxy Entertainment opening its Cotai resort last month. Galaxy Macau welcomed over 20,000 guests within its first 90 minutes after its doors opened on a Sunday afternoon.
Las Vegas Sands recently set records for net revenue first quarter of 2011. Strong revenue growth and margin expansion in Macau, together with the continuing ramp of growth in all areas at Marina Bay Sands in Singapore contributed to a strong financial performance overall.
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