Macau Gambling Revenues Cause Casino Stocks to Soar
Long-heralded as the Vegas of the East, Macau’s vibrant casino gaming industry appears to be going from strength to strength as reports this month revealed a 59 percent rise in revenues since last year.
The sustained growth of the world’s largest gambling market has clearly had a knock-on effect on the prices of shares in the industry, with the Wynn Macau’s stock price in particular soaring by as much as 7.3 percent to a two-week high of HK$10.50.
Share prices for the recent debutant Sands China, the Macau outpost of the hugely successful Las Vegas Sands, meanwhile rose an impressive 5 percent to HK$10.02, indicating a promising future for the latest addition to the enclave’s casino network.
The hard figures for the year thus far have shown that casino revenue has improved by 12 billion patacas ($1.55 billion US) from last November, as detailed in analyst reports citing Portuguese news agency Lusa as the source of their annual statistics.
With such a positive upturn in fortunes for Macau’s casino industry despite the expected negative effects of the global economic crisis, it looks as though many more of Vegas’ blue chip casino companies will be looking to launch new ventures in the area over the coming year to cash in on the Asian casino boom.