China’s Macau gambling and free trade zone managed to show growth in July. While the pace was up by only 1.5% in July on a year-over-year basis, the results were better than expected so the fact that this was the slowest growth since 2009 did not seem to matter. A troubled Chinese economy, a recent tropical storm, subdued demand from Chinese gamblers,and other matters are not seeming to matter either.
Revenue was up by 1% in July to 24.58 billion patacas, or almost $3.1 billion. The good news is that growth was still seen, and there are hopes that September’s quarter and longer-term growth will remain. We are seeing a giveback of some gains in some of the key Macau casino names.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is up $0.04 at $10.12, but shares had been as high as $10.37 earlier this morning.
Wynn Resorts Ltd. (NASDAQ: WYNN) shares are up 0.6% at $94.35, but shares were up at $95.49 earlier today.
MGM Resorts International (NYSE: MGM) is now down 1% at $9.42, after having been as high as $9.62 in earlier trading.
Las Vegas Sands Corp. (NYSE: LVS) is up 1.1% at $36.82, but shares had been as high as $37.37 earlier this morning. It is lagging because of a breach investigation from the privacy agency in Macau.
JON C. OGG