68 gaming
Macau masters
The bad news for casino stocks seems to be never-ending but
there is a flipside to the doom-and-gloom coin. Exclusively
Macau-based operators are showing their mettle
by Olívia alonso
M
ACAU casino stocks had yet US$5.99 billion. is holding together well, and visitations
another bad month on the New Taken one by one, MGM Mirage lost to Macau continue to rise”, he told Macau
York and Hong Kong stock the biggest slice, around US$470 million, Business.
exchanges, albeit that two of them, - SJM from US$1.37 billion in mid-February With business exclusively in Macau,
and Melco Crown - managed to escape down to nearly US$900 million. Galaxy, SJM and Melco Crown can be
losses. proud of their recent performance on the
Galaxy Entertainment registered a Homeboys do well stock market - at least compared to other
slight decline of 2.4 percent. On the other gaming companies. The first and the sec-
hand, the three operators with business Macau-based PricewaterhouseCoop- ond are listed in Hong Kong and have
both inside and outside of Macau - Las ers Director, David Green highlights the shown positive behaviour in 2009.
Vegas Sands, Wynn Resorts and MGM fact that Nevada’s gaming revenues have Since January 1, Galaxy’s stocks
Mirage - lost more than 20 percent each been in a downturn since January 2008, (HKSE:27) have gained 16 percent,
on the stock market from mid-February which, he says was “coincidentally’’ while SJM’s went up 2.4 percent. In the
to mid-March. Macau’s record month. 30 day period ended March 15, SJM’s
In terms of market capitalisation, the Green added: “In January 2009, shares (HKSE:880) scored an 8.8 percent
members of the first group - with busi- for baccarat - the most popular game in increase and Galaxy’s only lost about two
ness in Macau only - increased together Macau - revenue actually increased 16.1 percent. NASDAQ-listed Melco Crown,
by 13 percent in value, to US$3.01 billion percent on January 2008, while Nevada went up 30 percent in the same period
on March 15, from US$2.67 billion the gaming revenue fell 14.7 percent, the of one month and 2.2 percent overall
previous month. Over the same period, fourth straight month of double-digit this year.
the second group - with business mainly decline.” Green added: “Moreover, the local
in Las Vegas and Macau - lost 27 percent “While Macau has seen a significant firms [Melco Crown, SJM and Galaxy]
in market value, to US$4.40 billion, from drop in its VIP revenue, the mass market do not have the massive debt load of those
april 2009
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132