Optimistic prediction sends Macau share prices soaring

World Casino News

Optimistic prediction sends Macau share prices soaring

Share prices for some of the biggest casino operators in Macau have reportedly climbed considerably this week following the publication of a report from brokerage firm Sanford C Bernstein Limited that claimed the city could post up to a 24% increase year-on-year in aggregated gross gaming revenues for January. According to a report from Investor’s Business Daily, the value of shares in Wynn Resorts Limited, which is responsible via its Wynn Macau Limited subsidiary for the Wynn Macau and Wynn Palace Cotai properties, have risen by 1.9% this week to reach their highest price since 2014. Similarly, Las Vegas Sands Corporation, which runs the former Portuguese enclave’s Sands Macao, The Venetian Macao, The Parisian Macao, The Plaza Macao and Sands Cotai Central venues via its Sands China Limited subordinate, has reportedly seen its share price swell by an even more impressive 2.3% since last week. Equally exciting, the operator behind the City of Dreams Macau, Altira Macau and Studio City Macau properties, Melco Resorts and Entertainment Limited, reportedly recorded a 3.3% boost this week. The price of shares in MGM Resorts International, which runs the MGM Macau venue and is hoping to open its new $3.46 billion MGM Cotai development next month, gained 2.85% to hit an all-time high. Sanford C Bernstein Limited reportedly explained on Tuesday that it expects the city of around 700,000 people to record between a 22% and 24% year-on-year boost in aggregated gross gaming revenues for January, which could see the total figure for the 31-day month reach as high as $2.96 billion. Investor’s Business Daily additionally detailed that the 40 casinos in Macau ended 2017 by recording a 19.1% increase year-on-year in annual aggregated gross gaming revenues to just over $33 billion before explaining that Sanford C Bernstein Limited’s predicted rise would be the city’s largest since the 29.2% gain seen in July when total takings hit $2.85 billion.

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