November Gambling Revenue Growth in Macau Tops Estimates
On the heels of a record setting October, gambling revenues in Macau rose 21.3% year-over-year during November to $3.78 billion, topping analyst expectations once again. During the month Macau hosted their annual two week long Grand Prix event and a Manny Pacquiao boxing match at Las Vegas Sands’ (LVS) Venetian Macao resort, attracting more VIPs than anticipated as the region continues to diversify their entertainment options and find new ways to attract wealthy gamblers. Melco Crown (MPEL) and Las Vegas Sands are best positioned to capitalize on this trend with their strong presence on the rapidly growing Cotai Strip, Macau’s version of Las Vegas Blvd. Given the revenue reports out of Macau the past two months, the major casino operators are well on their way to topping analyst estimates during the 4th quarter and continue outperforming the broad markets.
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