Macau Casino Sales Rose 70% Last Week on Junkets; Deutsche Raises Forecast
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.
Gambling revenue from the city’s casinos may rise 50 percent this year, compared with an earlier forecast of 35 percent, Tang wrote in a report today. Casino operators and companies that bring gamblers to the city see no sign of a slowdown, she said.
“Macau will remain strong in the near team,” Tang said in the report. Revenue grew 98 percent in May from a year earlier because junket operators that bring visitors to the island are benefiting from a “sudden increase” in credit, the report said.
Macau surpassed the Las Vegas Strip as the world’s biggest gambling center in 2006. Bettors wagered a record 119 billion patacas ($15 billion) in Macau’s casinos last year, 9.7 percent more than in 2008.
Billionaire Stanley Ho’s SJM Holdings Ltd. gained 4.8 percent to a record high of HK$6.07 in Hong Kong trading today. Melco International Ltd. rose 4.6 percent, the most in more than three weeks, to HK$3.21, while Wynn Macau Ltd. gained 3.3 percent to HK$12.56.