Macau gaming revenues jump 42 percent

1 December 2010

By Howard Stutz

MACAO -- Macau gaming revenues grew 42 percent during November, boosting the prospects for Nevada gaming companies operating in China.

The Macau Gaming Inspection and Coordination Bureau said this morning the region's casinos collected $2.13 billion in gaming revenues during the month, the second highest month ever.

Analysts thought the numbers benefited Las Vegas Sands Corp., which operates the Venetian Macau and Sands Macau, and Wynn Resorts Ltd., which owns Wynn Macau and Encore.

"We believe these results are above expectations and confirm our belief that Macau gaming revenues will continue to be strong throughout 2010 from a year-over-year growth perspective, despite a modest cooling of the Chinese economy," Jefferies & Co. gaming analyst David Katz told investors.

The official release did not indicate results from individual properties.

Katz said the gross revenue result provided "a directional, qualitative data point."