Gaming | Stock Watch


79


Bull’s rush


Casino shares in Hong Kong rise on optimism ahead of the Golden Week holiday, outperforming the market


BY RAY CHAN W


ho dares to question where the world’s most dynamic gam-


ing market is? The answer is undoubtedly Macau, where gaming revenue continues to surge month-on-month. This is also refl ected in


the other commonly traded “chips”. Macau casino stocks fi nished positively in Hong Kong last month amid a better-than-expected macro outlook for the mainland economy. Melco Crown Entertain-


ment, co-headed by Law- rence Ho, the son of gaming mogul Stanley Ho Hung Sun, and Australian James Pack- er, launched “The House of Dancing Water” last month. The aquatic stage show


will promote its brand in mainland China,


that currently accounts


a market for


more than 60 percent of the tourist traffi c to Macau. The gaming operator in-


vested HK$2 billion on the Vegas-style show that fea- tures grand stage design and


EV/EBITDA US casino stock


35 30 25 20 15 10 5


1-Jan-2010 31-Jan-2010 2-Mar-2010 1-Apr-2010 1-May-2010 31-May-2010 30-Jun-2010 30-Jul-2010 29-Aug-2010 Las Vegas Sands Wynn Resorts Ltd EV/EBITDA Macau casino stocks*


30 25 20 15


10 5


1-Jan-2010 31-Jan-2010 2-Mar-2010 1-Apr-2010 1-May-2010 31-May-2010 30-Jun-2010 30-Jul-2010 29-Aug-2010 *excluded Melco Int’l for peer comparison purpose.


Galaxy SJM Sands China Wynn Macau OCTOBER 2010 MGM Resorts Inte Penn Natl Gaming


(x) (x)


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