Karen Tang News
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Sands China Ltd., the Macau casino operator controlled by billionaire Sheldon Adelson, posted a 63 percent jump in first-quarter profit as it drew a record number of visitors and pledged to increase its dividend.
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Casino companies in Macau, the world’s biggest gambling hub, will gain from expanding family entertainment as the city seeks to become China’s top leisure spot, said Templeton Emerging Markets Group’s Mark Mobius.
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Across the way from casino mogul Stanley Ho’s Grand Lisboa in Macau, flashing neon lights lure cash-strapped gamblers to pawn their Rolexes and other trinkets and take another tilt at the gaming tables.
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Gamblers booked into Macau resorts over the Lunar New Year can already count themselves lucky as accommodations are sold out, boosting revenue for operators including billionaire Sheldon Adelson’s Sands China Ltd.
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Sheldon Adelson is adding a fourth casino in Macau, the world’s largest gambling hub, drawing almost six times the revenue of the Las Vegas Strip. The billionaire’s rivals are cheering him on.
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Hong Kong stocks rose, with the city’s benchmark index paring its weekly decline, as China’s exports beat estimates and inflation slowed. Gaming shares rose on a report Macau hotels are full for next week’s Lunar New Year holiday.
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Casino gambling revenue in Macau, the world’s biggest betting hub, probably increased 70 percent in the first week of June from a year earlier, Deutsche Bank AG analyst Karen Tang said, prompting her to raise her annual forecast.
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Macau’s casino revenue declined 20 percent in June from the previous month as the World Cup kept some gamblers away from card games and slot machines in the world’s biggest betting hub.
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Wynn Macau Ltd. led gains in Hong Kong-listed gambling stocks after Deutsche Bank raised its estimate for casino revenue growth in Macau to 25 percent this year on spending by wealthy Chinese tourists.
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Las Vegas and Macau, China, the world’s two biggest gambling regions, face tough first quarters and further declines in 2009, Deutsche Bank AG said.
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