Macau September Gaming Revenue Off to a Fast Start (LVS) (WYNN) (MGM) (MPEL)

September 10, 2012 12:00 PM EDT
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September gaming revenue in Macau is off to a fast 18 percent rise so far from last year, according to Sterne Agee analyst David Bain, although it is expected to moderate to up 10 percent for the full month. Month-over-month sales are expected to be down about 10.6 percent due to seasonal factors.

"According to our checks, Macau table-only gross gaming revenue (“GGR”) is MOP7.3b through September 9th. Including slots, September’s full GGR run-rate is MOP~25.2b or +~18% YoY. 9-day results were boosted by 5 weekend days," Bain said.

"We continue to forecast September to end at ~+10.0% YoY, or -10.6% MoM. The absolute GGR decline from August marks back to school, the end of the summer travel season, and anticipation of the October Golden Week holiday. September’s daily GGR should increase significantly ~September 28th, the Friday before Golden Week begins on Monday, October 1st. Golden Week typically marks the strongest GGR week of the year."

In the U.S., the news has implications for U.S.-traded Macau casino operators including: Las Vegas Sands (NYSE: LVS), Wynn (NASDAQ: WYNN), MGM (NYSE: MGM) and Melco Crown (NASDAQ: MPEL).

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