MGM posted a larger-than-expected loss in the previous quarter and is expected to post another loss in its fourth quarter. The second casino, which still needs a permit before construction begins, will not be completed for about three years once construction starts.
Competitors Las Vegas Sands Corp. (NYSE: LVS), Wynn Resorts Ltd. (NASDAQ: WYNN) and Monarch Casino and Resort Inc. (NASDAQ: MCRI), along with MGM, got a share price boost last week on reports that Macau revenues totaled $35 billion last year, a rise of about 14% from 2011. Macau’s revenues are expected to rise 5% to 10% this year following new restrictions by the Chinese government. In 2010, Macau’s casino revenues leaped 42% from the previous year. Those days are long gone it seems.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.