81 Macau casino stocks performance year-to-date (Base=HK$10)
25 22 19 16 13 10 7
Jan-2010 Feb-2010 Mar-2010 SJM Apr-2010 May-2010 Galaxy Wynn Jun-2010 Jul-2010 Aug-2010 Sands Sep-2010 Melco Macau casino stocks performance year-to-date vs Hang Seng Index (Base=HK$10)
25 22 19 16 13 10 7
Jan-2010 SJM Feb-2010 Mar-2010 Galaxy Apr-2010 May-2010 Wynn Jun-2010 Sands Jul-2010 Aug-2010 Melco US casino stocks performance year-to-date (Base=US$10)
25 22 19 16 13 10 7
Jan-2010 Feb-2010 Mar-2010 MGM Resorts Apr-2010 May-2010 Wynn Resorts Jun-2010 Jul-2010 Aug-2010 Las Vegas Sands Sep-2010 Melco Crown Ent. US casino stocks performance year-to-date vs S&P 500 Index (Base=US$10)
25 22 19 16 13 10 7
Jan-2010 Feb-2010 Mar-2010 MGM Resorts Apr-2010 May-2010 Wynn Resorts Jun-2010 Las Vegas Sands Jul-2010 Aug-2010 Melco Crown Ent. Sep-2010 S&P 500 Index (RHS)
1250 1200 1150 1100 1050 1000
Sep-2010 Hang Seng Index (RHS)
23000 22000 21000 20000 19000 18000
a mixture of audio and lighting effects.
It is believed that the
massive investment – compara- ble in size to the budget of a top- fl ight movie – was not intended as a mere show for gamblers but as a platform for promotion that will draw the attention of mainland Chinese to the City of Dreams. Gaming ads are illegal in mainland China. The strategy was generally
welcomed by the Hong Kong stock market. Melco Interna- tional (200.HK), one of Melco Crown’s major shareholders, saw its share price performance outpace other rivals, leaping 25 percent on a month-on-month basis.
Rosy performers SJM (880.HK), the biggest op- erator by revenue among the six local gaming concession- aires, provided the second-best monthly performance, up 17 percent on a month-on-month basis. The company’s share price has more than doubled year-to-date. There were few surprises
for the junket-focused Galaxy Entertainment (27.HK) which extended
its resilient share
price performance to HK$6.90 towards the end of September, an increase of 114 percent so far this year. This is the best share price performer among the six operators. Undoubtedly, investors still
favour this small but fast-grow- ing company, supported by their soon-to-open fl agship resort, Galaxy Macau. The company, led by Francis Liu, has invested HK$14.9 billion in the resort to expand its market share and offset its demanding valuations (see the EV/EBITDA graph). Galaxy Entertainment ex-
pects that Galaxy Macau will boost the company’s results. “Carving
out market share
is not our main target. Profi t growth is more important. But our new resort hotel may help us increase market share and be our profi t driver,” Mr Lui told Sing Tao Daily.
OCTOBER 2010
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