Chinese Carry US Gaming Stocks, April Macau Revenues up 22%
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Gaming stocks booked revenue growth in April on the back of Chinese visitors. Macau, a tiny enclave on China's southern coast, is the world’s largest gaming destination. Gaming revenue in Macau grew to $3.13 billion, up 22 percent in April.
April's gaming revenue was the third highest ever, according to official government data out of China. In 2011, revenues in Macau totaled $33.5 billion. This year they are expected to gross $40 billion.
Wynn Resorts Ltd (NASDAQ: WYNN) MGM Resorts International (NYSE: MGM) and Las Vegas Sands Corp. (NYSE: LVS) all have casinos in Macau, which means they all have significant exposure to the Chinese economy, which has softened this year. So far, the gaming industry is still on the uptick in Macau, although estimated growth rates have slowed slightly to 15-25 percent compared to 42 percent last year.
Wynn Resorts Ltd continues to invest heavily in Macau and today announced formal approval for a 51-acre Cotai development.
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April's gaming revenue was the third highest ever, according to official government data out of China. In 2011, revenues in Macau totaled $33.5 billion. This year they are expected to gross $40 billion.
Wynn Resorts Ltd (NASDAQ: WYNN) MGM Resorts International (NYSE: MGM) and Las Vegas Sands Corp. (NYSE: LVS) all have casinos in Macau, which means they all have significant exposure to the Chinese economy, which has softened this year. So far, the gaming industry is still on the uptick in Macau, although estimated growth rates have slowed slightly to 15-25 percent compared to 42 percent last year.
Wynn Resorts Ltd continues to invest heavily in Macau and today announced formal approval for a 51-acre Cotai development.
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