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Macau casino operators -- A safe haven during US economic downturn15 August 2011NEW YORK, New York -- (PRESS RELEASE) -- Despite the current economic downturn in the US, resorts and casinos with operations in Macau are continuing to post record results. Cash-rich mainland gamblers, who contribute the bulk of earnings in Macau, have helped the tiny island maintain stellar gaming revenue since the start of the year. The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides equity research on Las Vegas Sands Corporation LVS +2.25% and Melco Crown Entertainment Ltd. MPEL +3.26%. According to Macau's Gaming Inspection and Coordination Bureau gambling revenue in Macau rose 48% in July from a year earlier as visitors from mainland China powered growth despite Beijing's moves to tighten credit. Macau, a major market for casino operators including Melco Crown Entertainment and MGM Resorts International, is likely to post full-year revenue more than five times higher than that of rival Las Vegas. After last month's revenue report, RBS analyst Philip Tulk said he is raising his brokerage house's estimate for Macau's 2011 gambling revenue by 6 percent to $34.1 billion, which would imply year-to-year growth of approximately 45 percent. The Bedford Report releases investment research on the Resorts and Casinos industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Las Vegas Sands recorded adjusted earnings of 54 cents per share in the second quarter of 2011, beating the year-ago quarter earnings of 17 cents a share. Sands China reported a 16.3% year-over-year growth in revenues to $1.21 billion during the quarter. Melco Crown Entertainment recently announced that it will pay $360 million for a controlling stake in a new gaming resort in Macau -- the company's second resort in the Asian gaming hub. Melco Crown will spend $1.7 billion developing the 2,000-room resort, with construction starting as early as next year to meet a 2015 completion date, group chief executive Lawrence Ho said. The Bedford Report provides Market Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Bedford Report has not been compensated by any of the above-mentioned publicly traded companies. The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. |