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  • allintxholdem allintxholdem Jul 2, 2010 9:24 AM Flag

    World Cup Fever Distracts Macau Gamblers

     

    The World Cup in South Africa was expected to generate plenty of excitement on the field. The event has certainly lived up to the hype (the U.S. team’s frustrations aside), but reports suggest that soccer fever may have significantly dampened gambling revenue in Asian gambling mecca Macau.

    According to statistics released by Macau’s Gaming Inspection and Coordination Bureau, revenue in June, as the tournament got underway, came it at $1.7 billion. Though this represented 65% growth from a year ago, it was a -20% drop from the numbers reported in May. Analysts from Duetsche Bank pinned the softness on the distraction of the World Cup and suggested that it would likely extend into July as the tournament draws to a close.

    The Casino Stocks Index has slid by -10% over the last month, trailing the S&P 500 fractionally during that period. A pair of Macau players Melco Crown Entertainment (MPEL) and MGM Mirage (MGM) have pulled back more sharply than the Casino Index as a whole during this period, while rivals Wynn Resorts (WYNN) and Las Vegas Sands (LVS) have fared somewhat better.

    Elsewhere in the sector, Boyd Gaming (BYD) is down by over -30% over the last month, while Isle of Capri Casinos (ISLE) and Penn National Gaming (PENN) have fared better, moving lower by -8% and -11%, respectively.


    http://www.tickerspy.com/newswire/?p=2626

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