Casinos React to Muted Growth in Macau (MPEL, WYNN, MGM, LVS)
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…
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
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
