Las Vegas Sands, Wynn Rise After Macau Gambling Gains 20%Rob Golum
Las Vegas Sands Corp., Wynn Resorts Ltd. and Melco Crown Entertainment Ltd. rose in New York trading yesterday after gambling revenue in Macau increased almost 20 percent to a record in December from a year earlier.
Las Vegas Sands gained 5.6 percent to close at $48.75 in New York, the biggest jump since Nov. 30. Wynn Resorts, also based in Las Vegas, added 5 percent to $118.07, the biggest increase since Oct. 25. Hong Kong-based Melco Crown’s American depositary receipts advanced 3.1 percent to $17.36. Each ADR represents three shares.
Casino revenue in the Chinese city jumped to 28.2 billion patacas ($3.5 billion) in December, trumping a record 27.7 billion patacas in October. Full-year revenue increased 14 percent to 304 billion patacas, also a record, from 268 billion patacas in 2011, according to data from Macau’s Gaming Inspection and Coordination Bureau yesterday.
Macau authorities were expecting 800,000 border crossings from Jan. 1-3 for the New Year’s holiday, Union Gaming analyst Grant Govertsen said in a report.
Gambling revenue is climbing as operators, including Sands China Ltd., Galaxy Entertainment Group Ltd. and Melco Crown, expand in the only place in China where casinos are legal. Middle-class Chinese tourists have helped fuel growth even as high-stake bettors have cut spending.