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Las Vegas Sands Corp. Message Board

  • squeezetracker squeezetracker Jul 2, 2012 8:22 AM Flag

    Macau June Gambling Revenue Up 65% (22% Share)

    LVS remains on track in Macau... CC ebitda should comfortably surpass published estimates predicated on lower forecasted growth than actual for 2Q and a smaller share for LVS (now running at 22% vs consensus reduced to below 20%).

    HONG KONG -(Dow Jones)- Macau's gross gambling revenue in June jumped 65% from a year earlier but fell 20% from May's record high, likely because the soccer World Cup suppressed high-stakes gambling, according to analysts. June revenue totaled MOP13.6 billion (US$1.7 billion) compared with the MOP17.1 billion recorded in May, according to data from Macau's Gaming Inspection and Coordination Bureau. CLSA analyst Aaron Fischer called the June figure "a touch light," noting the brokerage had been expecting 70%-75% growth for the full month. Deutsche Bank analyst Karen Tang said: "We believe July [will] see a similar temporary softness in VIP gaming as the World Cup approaches its final stages. That said, we expect market growth to resume sequentially in August which is traditionally the summer travel season." She added there could be a slowdown in gambling revenue growth in the fourth quarter too as falling Chinese property prices take a toll on Macau with a two-quarter lag. Among Macau's six casino license-holders, tycoon Stanley Ho's SJM Holdings Ltd. (0880.HK) continued to lead the market with a share of 30%; followed by Las Vegas Sands Corp. unit Sands China Ltd. (1928.HK) with 22%; and Wynn Resorts Ltd. unit Wynn Macau Ltd. (1128.HK) with 17%, according to the Deutsche Bank report. Sands gained three percentage points, Wynn added one, while SJM lost two. Melco Crown Entertainment Ltd. (MPEL), co-chaired by James Packer and Lawrence Ho, had a market share of 13%; Galaxy Entertainment Group Ltd. (0027.HK) 10%; and MGM Macau, a joint venture between Pansy Ho and MGM Resorts International (MGM) 8%, the report said.

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45.09-1.21(-2.61%)11:19 AMEDT