acau attracts middle-class gamblers from China and high-roller "VIP" gamblers from around the globe.
Stern Agee in a report Tuesday said Macau gaming revenues so far this month have been higher than expected. Analyst David Balu said in a client note that Macau gross gaming revenue, or GGR, jumped 27% in the first 10 days of December.
Macau officials reported on December 3 that gambling revenue in November was us$ 3.5 billion, the highest single-month revenue figure ever recorded. MGM shares climbed 3.2% to 11.27 in Wednesday afternoon trading. Its stock price has risen about 27% from a low of 8.83 on August 3.
Sands lifted 1.5% to 45.20. Last month Sands issued a us$ 2.75-a-share special dividend, for a total of us$ 1.2 billion, payable December 18. The company went ex-dividend this month as it tries to raise cash, in part to build a Las Vegas Strip-like gambling complex in Spain.
Wynn shares were up 3% at 113.07. Wynn, like MGM, has benefited from stronger growth in Las Vegas. Last quarter, Wynn's revenue from its Vegas casinos jumped 11.8% as more-confident Americans visited its Wynn and Encore resorts.
Casino game machine makers Multimedia Games and rival Bally Technologies each rose less than 1%. Casinos could double their winnings if gambling in Las Vegas continues to recover too.
Last Friday, the Nevada gaming board said statewide gambling revenue rose 1.8% to us$ 978.8 million in October vs. us$ 960.7 million a year earlier. In Las Vegas and surrounding communities, gambling revenue climbed 2.8% to us$ 859.9 million. Meanwhile, MGM on Tuesday filed papers to sell us$ 1.25 billion in senior notes to refinance debt.
Also Tuesday, MGM made a pitch to Springfield, Massachusetts, officials for the sole western Massachusetts casino license. MGM wants to build an us$ 800 million resort casino, hotel and entertainment complex on a 10-block site in downtown Springfield. Gaming officials will decide next year between MGM's bid and a competing one from a group led by Penn National.